Starting this Wednesday, January 12, millions of beneficiaries of Social Security programs will begin to receive a larger check or with increased 5.9% for Cost of Living Adjustment (COLA).
The Social Security Administration (SSA) will begin the distribution of payments this week with the rise for at least 64 million retirees.
SSA relies on people’s date of birth to organize the calendar of deliveries and is processed on Wednesday of each week from the second.
Under such a scheme, the first to receive the money are supposed to be recipients that meet between the 1st and 10th of the month, so the first round should be on its way tomorrow, Wednesday.
For those who meet between the 11th and the 20th of the month, the check will be paid from the third Wednesday in January, that is, the 19th.
Finally, for people with a birthday between 21 through 31, Social Security will process the payment on the fourth Wednesday of each month. In the case of January, it will be the 26th.
The cycle will repeat itself every month.
In December, the agency started delivering payments to about 8 million beneficiaries of the Supplemental Security Income (SSI) program, but most shipments of the check with the increase will be made starting this month.
“The 5.9 percent cost of living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security recipients in January 2022. Increased payments for approximately 8 million people receiving SSI will start on December 30, 2021. (Explanatory note: some people receive both Social Security and SSI benefits), ”the office said in a statement on its website.
By this date, the creditors of these payments they should have received a notification by post by Social Security.
If you have not received a letter with details about the payment, you can access the information by opening an account on the mySocialSecurity portal.
“Notice of the new benefit amount is usually mailed to Social Security and SSI recipients in early December. Most people who receive Social Security payments They will be able to see their COLA notice online in their personal account my Social Security. People can create or access their my Social Security account online at www.socialsecurity.gov/myaccount (only available in English), ”the agency said.
The annual rise in funds from the Social Security is based on the Consumer Price Index from the Labor Department’s Bureau of Labor Statistics. It is a measure that seeks to help recipients cope with inflation.
“The purpose of the COLA is to ensure that does not reduce purchasing power of Social Security benefits and Supplemental Security Income (SSI) due to inflation. The COLA is based on the increase in the percentage of the Consumer Price Index for Urban Salaried Workers and Administrative Workers (CPI-W), from the third quarter of last year that a COLA was determined until the third quarter of the current year. If there is no increase, there cannot be a COLA ”, explained the entity.
This year, the average additional payment to a beneficiary was estimated at $ 92 per month for a total payment of approximately $ 1,657.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.