Millions of Americans survive off of Social Security benefits, and many are going to see bigger checks in 2022.
Thanks to an increase in the cost of living adjustment, better known as COLA, the change in amount will happen starting in Jan. 2022.
Both Social Security and SSI benefits will increase by 5.9%, a high number determined by the rate of inflation seen in 2021.
Around 70 million Americans in all collect SSI and/or Social Security benefits.
Related: People with SSI benefits will see two checks this December worth up to $1,635
Those collecting benefits will receive letters from the Social Security Administration outlining the changes to their benefits throughout Dec.
This includes retirees, survivors of retirees, and those with disabilities who collect benefits.
If you’d like to know your changes before you get a letter, you can visit the message center through the SSA website and create an account.
Related: How much in Social Security benefits will I get based on my salary?
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When will I get my first payment and how much more will it be?
People will see their first increased check in Jan. if they collect Social Security.
These checks will follow the same schedule as this year, meaning you receive payments based on your birthday.
For the month of Jan., if your birthday falls one the 1st through 10th, you’ll see your payment on Jan. 12 with the increased amount.
Anyone with birthdays on the 11th through the 20th can expect payment on Jan. 19, and those with birthdays after the 20th will see payments on Jan. 26.
Related: Everything you need to know about penalties for retiring and collecting Social Security benefits early
SSI recipients will all see their payments on Dec. 30 due to Jan. 1 being a federal holiday.
Social Security beneficiaries will see an average increase of about $92 dollars per month.
The average check will jump from $1,585 to $1,658.
SSI beneficiaries will see an increase from around $794 per month to $841.
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