Social security has announced the payment schedule for 2022. The cost-of-living adjustment for 2022 has increased, and social security recipients will receive a 5.9 percent increase in social security payments.
The new cost-of-living adjustment (COLA) is the largest payment increase in nearly 40 years.
Social security recipients with a birth date falling between the 1st and the 10th of the month will receive payment on the second Wednesday of the month.
Social security recipients with birth dates falling between the 11th and 20th of the month will receive payments on the third Wednesday of every month. Recipients with birth dates falling between the 21st and the 31st of each month will receive payments on the fourth Wednesday of the month.
Those who filed for retirement benefits before May of 1997 will still receive social security payments on the 3rd of every month. Those who receive Supplemental Security Income (SSI) and Social Security payments will also receive benefits on the 3rd.
Recipients who live in a foreign country and those with Medicare premiums paid by the state will also receive payments on the 3rd of every month. SSI recipients who do not also receive Social Security will receive payments on the 1st of each month.
"When will my benefit check arrive?" Download the schedule of #SocialSecurity benefit payments here: https://t.co/IcA24o5Hkt pic.twitter.com/BUJZa8E3n3
— Social Security (@SocialSecurity) January 23, 2021
Recipients only received a 1.3 percent COLA in 2021. The COLA will affect 1 in 5 Americans or about 70 million people, including Social Security recipients, disabled veterans and federal retirees. The 5.9 percent increase will begin with January payments in 2022.
The adjustment will average an extra $92 monthly for single retirees. Couples will receive an additional $154 monthly on average.
However, Medicare premiums will also rise for recipients from approximately $140.50 to $170.10 each month, leaving recipients with an average of $62 more per month.
Congress enacted the COLA in 1972 as a Social Security Amendment, and automatic COLAs began annually in 1975. Benefits were previously increased only when enacted by Congress during special legislation.
