An increase in the cost of living affects the amount of Social Security benefits that are paid out each year (COLA).
The cost-of-living adjustment (COLA) has increased by 5.9 percent this year, bringing the average Social Security income to $1,657.
More than 65 million seniors rely on Social Security income each month, according to the Social Security Administration.
The exact dates on which you receive your payments are determined by the date on which your birthday falls.
The Social Security schedule for April is as follows:
Example: If your birth date falls between the first and tenth of each month, you can expect your payment to be placed on the second Wednesday of each month.
If your birthday falls between the 11th and 20th of the month, your money will be deposited on the third Wednesday of each month.
Finally, if your birthday falls between the dates of January 21st and December 31st, your money will be deposited on the fourth Wednesday of each month.
Because tomorrow is the first Wednesday of the month, claimants who have birthdays before the 10th of the month will receive their checks on that day.
The following is the complete Social Security schedule for the month of February:
- The second Wednesday in April is April 13.
- the third Wednesday in April is April 20.
- the fourth Wednesday in April is April 27.
The remainder of the year’s schedule
Social Security claimants will receive an additional eight payments under the COLA for this year after they receive their first payment this month.
The following is the remaining schedule for the month of May and the remainder of 2022.
- Second Wednesday: May 11
- Third Wednesday: May 18
- Fourth Wednesday: May 25
- Second Wednesday: June 8
- Third Wednesday: June 15
- Fourth Wednesday: June 22
- Second Wednesday: July 13
- Third Wednesday: July 20
- Fourth Wednesday: July 27
- Second Wednesday: August 10
- Third Wednesday: August 17
- Fourth Wednesday: August 24
- Second Wednesday: September 14
- Third Wednesday: September 21
- Fourth Wednesday: September 28
- Second Wednesday: October 12
- Third Wednesday: October 19
- Fourth Wednesday: October 26
- Second Wednesday: November 9
- Third Wednesday: November 16
- Fourth Wednesday: November 23
- Second Wednesday: December 14
- Third Wednesday: December 21
- Fourth Wednesday: December 28
If prices continue to rise, the Social Security Administration will release the COLA for 2023 in the fall of this year.
The position of the consumer price index will determine where the COLA is ultimately set.
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According to the most recent figures, the index increased by 8.5 percent in March.
According to sources, the Senior Citizens League now expects the Consumer Price Index to rise by 8.9 percent in 2023.
As a result, the average Social Security payout would increase to around $1,804 per month.
It’s important to remember that things could change if the Federal Reserve decides to raise interest rates in an effort to contain inflation.
For more information on Social Security, read about why it makes sense for seniors to begin collecting benefits at the age of 70.
If you have been receiving the incorrect Social Security benefits, here is how to correct the situation.