It’s 2022 and the 5.9% COLA increase is in full effect. The first payments will go out in just nine days.
If your birthday falls on the 1st through the 10th of the month, you’ll see your payment on the second Wednesday of Jan.
The COLA increase is raising checks by around $92 per month.
The COLA increase is decided on by using the consumer price index to take inflation into account.
The schedule was recently released by the Social Security Administration and follows the same Wednesday pattern as previous years.
The first payment is Wednesday, Jan. 12, 2022.
More money from COLA increase in Social Security payments
The COLA increase will boost the average check by about $92.
An average check in 2021 was $1,565, but in 2022 it will be $1,657.
Couples can expect an average increase of about $154 per month.
Americans that collect SSDI will also see an increase of about $76 per month.