The 5.9% increase given to social security recipients will boost over 70 million people’s monthly payments.
The increase is so high because of inflation, and will go into effect at the start of 2022.
The increase is designed to offset inflation costs in goods and services. Unfortunately, despite the boost to make up for the inflation during the third quarter, it still appears to be increasing at a rapid pace.
When will I get the boosted payment?
The day you receive your payment depends on your what day of the month your birthday falls.
If your birthday falls between the 1st and 10th of the month, your payments will be deposited or sent the second Wednesday of the month. This makes the first payment with the COLA boost Jan. 12.
People who’s birthdays fall between the 11th and 20th will get their checks the third Wednesday of the month. The first COLA boost check will be seen Jan. 19.
Those with birthdays that fall between the 21st and 31st will get their check the fourth Wednesday of the month. Their first check will be Jan. 26.
This schedule will remain in place through all of 2022.
After the Dec. payment for SSI recipients will start getting their payments in 2022 in Feb.
Social security recipients should get a letter in late Dec. detailing the boost in their payment so they know exactly what to expect.