The next round of boosted checks for Social Security claimants will begin this week.
COLA Social Security Claimants are Entitled To Up To $4,194 in Benefits
This week will start the second round of intensified checks for Social Security claims. The Cost-of-Living Adjustment (COLA), which will affect 64 million claimants in 2022, will rise to 5.9 %. The figure includes, which has grown dramatically in the recent months due to robust consumer demand. Because Social Security benefits are distributed based on birth dates, millions of people have already received their first higher payment.
Furthermore, on January 12, the claimant born between January 1 and January 10 received their first payment. Those born between the 11th and 20th of the month get their benefits on the third Wednesday of the month, which is just a few days away.
Some Other Factors Affecting Payment Dates
Keep in mind that if the holiday calendar for a given month has an impact on social Security payment dates, those dates may vary. Due to to the holiday schedule, Supplemental Security Income ( SSI) claimant received two payments last month. They will not receive another check until February 1st in this situation. The Social Security Administration ( SSA) is intended to assist people over the of 65, as well as those who are blind or disabled and have little or no income.
Take a look at the entire 2022 SSA schedule. According to the Social Security poll, 39 % of people don’t know how old they have to be able to receive benefits. Meanwhile, 37 % believe benefits are not adjusted for inflation which is incorrect. Around 45% also believe that if they claim Social Security early their payment will grow when they reach full retirement age, which is not the case. More than half of the future claimants or 51 % have no idea how much their payments will be. Furthermore, 30 % of those polled were unaware that children and spouses may be eligible for benefits. Before applying for Social Security you must fulfill these five steps.