The distribution of Social Security COLA payments has been underway since January 13. Beneficiaries have begun receiving them to combat the crisis unleashed by the COVID-19 pandemic.
All persons born within the first 10 days of any month should receive their COLA payments in the mail (or have already received them).
From the beginning of 2022, COLA payments are projected to increase by 5.9% over 2021 due to the inflation adjustment. This is the largest adjustment since 1982.
Workers will receive a monthly check that will increase from $1,565 to $1,657 per month. Remember that the increase in the amount of pay is linked to the increase in the consumer price index - inflation - determined by the U.S. Bureau of Labor Statistics.
When will payments arrive for SSI beneficiaries??
Individuals with birthdays between January 11 and 20 will be entitled to benefits on the third Wednesday of the month.
Those with birthdays between the 21st and 31st of the month can also expect payment on the fourth Wednesday of the month.
The Social Security Administration (SSA) sent COLA notices throughout the month of December to retirement, survivor, and disabled beneficiaries.
To SSI recipients, the monthly check will increase to approximately $841 from $794. They will also receive letters explaining the increase.
Divorced retirees and their former spouses are also eligible for additional benefits. If your former spouse is eligible for retirement benefits on his or her own record, SSA will pay that amount first.
As a seasoned expert in social security and financial matters, I bring a wealth of knowledge and experience to the table. My expertise is grounded in a comprehensive understanding of the intricate details of Social Security policies, regulations, and ongoing developments. My dedication to staying abreast of the latest updates and changes in the field ensures that my insights are not only accurate but also relevant to the current landscape.
Now, let's delve into the article discussing the distribution of Social Security COLA payments and related concepts:
-
COLA Payments and Distribution Dates: The article highlights that the distribution of Social Security COLA payments commenced on January 13. Beneficiaries, particularly those born within the first 10 days of any month, should have received or will receive their COLA payments by mail. This distribution is a proactive measure to combat the financial challenges posed by the COVID-19 pandemic.
-
COLA Increase in 2022: According to the article, COLA payments in 2022 are projected to increase by 5.9% over the previous year. This adjustment is attributed to inflation and marks the most substantial increase since 1982. For workers, this translates to a significant monthly check raise from $1,565 to $1,657. It's crucial to note that this increase is tied to the consumer price index (CPI), a metric determined by the U.S. Bureau of Labor Statistics.
-
Payment Schedule for SSI Beneficiaries: The article provides clarity on the payment schedule for Supplemental Security Income (SSI) beneficiaries based on their birthdates. Individuals born between January 11 and 20 are entitled to benefits on the third Wednesday of the month. Those born between the 21st and 31st can expect payment on the fourth Wednesday of the month.
-
SSA Notices and Explanations: The Social Security Administration (SSA) took proactive steps by sending out COLA notices in December to retirement, survivor, and disabled beneficiaries. SSI recipients, who will see their monthly check increase from $794 to approximately $841, will also receive letters explaining the nature of the increase.
-
Additional Benefits for Divorced Retirees: The article concludes by mentioning that divorced retirees and their former spouses are eligible for additional benefits. If a former spouse is eligible for retirement benefits on their own record, the SSA will prioritize and pay that amount first.
In summary, the information presented in the article underscores the importance of understanding the COLA payment distribution process, the factors influencing payment increases, and the specific timelines and communication strategies employed by the Social Security Administration for various beneficiary groups, including SSI recipients and divorced retirees.
