Social Security payouts will be 5.9% higher this year than in 2021, thanks to the greatest increase in nearly four decades in the Cost of Living Adjustment (COLA).
Effect of inflation
Last month, the COLA increased by 8.5 percent, owing mostly to the crisis between Russia and Ukraine, but also to a misalignment of supply and demand.
In this regard, the Social Security Administration was compelled to boost the monthly benefits received by the elderly by an average of $100 due to inflation and continual supply chain pressure.
The average Social Security payment is $1,657 per month, with a maximum amount of $4,194 per month.
It should be mentioned that 65 million Americans got Social Security benefits as of last year.
Unless you choose a smaller withholding, the SSA will deduct the full amount of your benefit each month to recover overpayments.
The dates on which a person might receive their monthly payments are now linked to their birth date.
That instance, if your birthday falls between the 1st and 10th of the month, you will be paid on the second Wednesday of each month.
Your payment will arrive on the third Wednesday of each month for individuals born between the 11th and 20th of the month.
Those born between January 21st and December 31st will get their benefit on the fourth Wednesday of each month.
Opening a personal #mySocialSecurity account gives you secure access to your personal record and interactive tools tailored to you. Save time, go online. Create your account today at: https://t.co/Z8VGYbQgWL pic.twitter.com/Mi21ANevOY
— Social Security (@SocialSecurity) April 25, 2022
Payment schedule for the time remaining
April 20th is the third Wednesday.
April 27th is the fourth Wednesday.
May 11th is the second Wednesday.
May 18th is the third Wednesday.
May 25th is the fourth Wednesday.
June 8 is the second Wednesday.
June 15th is the third Wednesday.
Wednesday, June 22nd is the fourth Wednesday.
The 13th of July is the second Wednesday.
Wednesday, July 20 is the third Wednesday.
July 27th is the fourth Wednesday.
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August 10th is the second Wednesday.
Wednesday, August 17th:
Wednesday, August 24th:
The 14th of September is the second Wednesday.
Wednesday, September 21st
Wednesday, September 28th:
October 12th is the second Wednesday.
Wednesday, October 19th
Wednesday, October 26 is the fourth Wednesday.
Wednesday, November 9th:
Wednesday, November 16th
Wednesday, November 23rd:
The 14th of December is the second Wednesday.
Wednesday, December 21st is the third Wednesday of the year.
December 28th is the fourth Wednesday.