The year 2022 has begun, and the COLA (cost of living adjustment) is at its highest level in 40 years. According to numbers taken from a News Break article headlined “Social Security Schedule: When the First COLA Checks Will Arrive in January 2022,” inflation is above 6.2 percent.
This essay will look at some of the most significant details about Social Security benefits and the cost of living adjustment in a simple manner. Let us get started without further ado.
This Year — Inflation and the Cost-of-Living-Adjustment (COLA)
The Department of Social Security in America has published its timetable for Social Security benefit payments in 2022, according to this item from News Break. Furthermore, the Department of Social Security will incorporate a 5.9% cost of living adjustment this year, in order to combat the 6.2 percent inflation rate brought on by the COVID-19 epidemic. This will be the first time that such a cost-of-living adjustment will be incorporated in Social Security benefits.
January 2022 Social Security Benefits
With the month of January already underway, you may be wondering when you will get your monthly Social Security benefits. According to this News Break item, The day on which you get your Social Security payment is determined on your birthday, thus the following values apply to people born in January:
On the second Wednesday of each month, anyone born between the 1st and 10th of the month will get their Social Security payment.
Those born between January 11th and January 20th will get paid on the third Wednesday of the month.
Finally, in this regard, people born after the 20th of the month should get their Social Security benefits on the last Wednesday of each month.
Summary and Additional Guidance
As a result, the first Social Security benefits to be distributed this year will be in January. The following statistics are correct, that is, according to the description above:
- Monday, January 9th (Case 1)
- The sixteenth day of January (Case 2)
- The 23rd of January is a national holiday in the United States (Case 3)
However, due to inflation, you now know when you may anticipate your Social Security check this month.
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Many Social Security beneficiaries may need to take advantage of additional federal and state benefits such as a Social Security Supplemented Income – which may help you cope and can be extra income in addition to your Social Security benefits, according to News Break. 3 percent higher than the record-high cost of living adjustment, and many fear the effects of the new and highly contagious variant of the COVID-19 pandemic – Omicron – many Social Security beneficiaries may need to take advantage of additional federal and state benefits such as a Social