Individual Social Security Payment dates are changing in Jan 2022

Social Security cost-of-living boost begins: What to know

Social Security recipients are set to see the highest cost-of-living increase in 40 years in 2022, a welcome boost for those depending on the fixed payments and feeling the squeeze after months of surging inflation during 2021.

The 5.9% increase is higher than has been seen in several years, as cost-of-living adjustments are made in line with the Department of Labor’s Consumer Price Index. This is the largest COLA rise since 1982, when recipients received a 7.4% cost-of-living adjustment.

A sign is seen outside a US Social Security Administration building, November 5, 2020, in Burbank, California.  (Photo by VALERIE MACON/AFP via Getty Images / Getty Images)

In announcing the COLA in October, the Social Security Administration said the average retiree will see a monthly increase in their payment of $92, bringing the average check amount to $1,657. The typical couple would see their benefits jump $154 to $2,754.

The SSA has since released a calendar showing when the roughly 70 million beneficiaries can expect to receive their payments starting in January.

For those with a birth date between the first and tenth of the month, they can expect their payments on the second Wednesday of the month.

 A Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC. (Photo illustration by Kevin Dietsch/Getty Images / Getty Images)

Beneficiaries with birthdays on the 11th through 20th will receive payments on the third Wednesday of the month, and those with birth dates on the 21st through the 31st will get their checks or deposits on the fourth Wednesday of the month.

While the social security payment amount increase will no doubt provide relief to many recipients, it could also accelerate the depletion of the fund sooner than expected – and might not cover the rising costs seniors truly face as inflation continues to rise for everything from consumer goods to gasoline to housing.

The Committee for a Responsible Federal Budget estimates that the Social Security payment increase for 2022 means the fund will be unable to pay full benefits by 2032, a full year earlier than projected.

A visitor sits near the U.S. Capitol building in Washington, D.C., U.S., on Saturday, Dec. 18, 2021. (Photographer: Samuel Corum/Bloomberg via Getty Images / Getty Images)

Meanwhile, the national debt sits at around $29,000,000,000,000 ($29 trillion), and the federal deficit is at roughly $3 trillion for fiscal year 2021 according to the Congressional Budget Office. 

2 Responses

  1. Good for social security recipients. But the national debt is way out of control. The Government needs to be smaller and regulated by the people. How about lets start by eliminating some of those agencies that make our lives miserable,cheat and lie.

  2. If they quit paying illegal aliens and immigrants out of Social Security we wouldn’t run out of money. Recipients who paid into it for 40 quarters can partake of miniscule amounts monthly. Hubs gets $450, I get 1450. I found out because of my work (some 35 years ago) that incoming foriegners partake at the highest amount allowed for payers because a daughter called in very upset her dad had been taken off “lifeline” for failure to fill out the yearly affirmation of low income status. She said he didn’t speak the language and had only been here 3 years. All he has is SS. she told me.. I said My Dad is still working at 82 to qualify. She asked how long he lived here. HE WAS BORN HERE! Pay them out of something else! Taxpayers paid in all their working lives. Only taxpayers should partake. PAID FOR AND SET ASIDE FOR TAXPAYERS!

    Think of it this way. You save your pennies all your life and have a big basket of pennies for your senior years. Anyone who comes in the country gets to take 2 hands full of your pennies every month. They won’t last long that way.

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