January 18, 2022

Americans to receive bigger Social Security check for 5.9% COLA adjustment this week – CVBJ

Beginning Wednesday, January 12, millions of beneficiaries of Social Security programs will receive a larger check or more 5.9% for Cost of Living Adjustment (COLA).

The Social Security Administration (SSA) begins distribution of payments this week with the increase of 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 an arrangement, the first to receive the money would be: recipients who meet between the 1st and the 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 is paid from the third Wednesday in January, ie the 19th.

Finally, for people between the ages of 21 and 31, Social Security processes payment on the fourth Wednesday of each month. In the case of January, it is the 26th.

The cycle repeats every month.

In December, the agency started delivering payments to approximately 8 million beneficiaries of the Supplemental Security Income (SSI) program, but most mailings of the raise check will begin this month.

The cost of living adjustment of 5.9 percent (COLA) will begin benefits to more than 64 million Social Security recipients in January 2022. Increased payments for approximately 8 million people receiving SSI starts on December 30, 2021. (Note: Some people receive both Social Security and SSI benefits),” the office said in a statement on its website.

On this date, the creditors of these payments they should have received a message in the mail by social security.

If you have not received a letter with payment details, you can access the information by opening an account on the mySocialSecurity portal.

“The announcement of the new benefit amount is usually sent to Social Security and SSI recipients in early December. Most people who receive Social Security benefits They will be able to see their COLA notification online in their personal account my social security. People can create or access their my Social Security account online at www.socialsecurity.gov/myaccount (available in English only), the agency said.

The annual increase in Social Security funds is based on the Consumer Price Index from the Department of Labor’s Bureau of Labor Statistics. It is a measure that tries to help recipients deal with inflation.

“The aim of COLA is to ensure that that doesn’t reduce purchasing power of social security benefits and additional collateral income (SSI) due to inflation. The COLA is based on the increase in the percentage of the Consumer Price Index for Urban and Administrative Employees (CPI-W) from the third quarter of last year that a COLA has been established up to and including the third quarter of the current year. If there is no raise, there can be no COLA,” the entity explained.

This year, the average additional payment to a beneficiary was estimated at $92 per month for a total payment of approximately $1,657.

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