On January 19, the Social Security checks worth $1,657 will be sent out to every eligible American as part of the Cola increase in 2022.
On January 19, the Social Security checks worth $1,657 will be sent out to every eligible American as part of the Cola increase in 2022.
Social Security Checks
As part of the Cola increase Social Security in 2022, starting January 19, those who were born between the 11th and 20th will get their checks on the third Wednesday of each month. Following the upcoming checks, the Supplemental Security Income (SSI) payment amounts increase with the cost-of-living increases that apply to Social Security benefits.
Social Security payments have increased 5.9 percent for approximately 70 million retired Americans, as a result of the COLA, which is the biggest increase in 40 years. Monthly payments are determined based on employment history and the age at which they first apply for benefits.
The COLA letters were mailed to retirement, survivors, and disability beneficiaries throughout December by the Social Security Administration (SSA), Americans receiving these adjusted checks can expect to see them soon.
Also Read: $3,600 Stimulus Check To Be Sent Days From Now To Families Filing Their 2021 Taxes
The SSI Updates in 2022
The recipients will be receiving an $821 boost for every eligible individual, $1,261 eligible individual with an eligible spouse as well, and $421 for an essential person. SSI claimants received two payments in December reflecting the new cost-of-living adjustment (COLA) because of the holiday schedule, and another one will also arrive on February 1.
Furthermore, the Social Security Administration, calculates, monthly amounts for the following year are determined by increasing the unrounded annual amounts for the current year by the COLA effective for January of the next year. The new unrounded figures are then divided by 12 and rounded resulting amounts are rounded down to the next lower multiple of $1.
When it comes to payment reduction, monthly countable income is subtracted from the monthly amount. The sum payable is shared equally between the two spouses in the case of an eligible individual with an eligible spouse. SSI payments are supplemented in several states.
Related Article: $660 Stimulus Check Deadline Is Near, $1,100 Boost Now Deposited
