This year Social Security recipients will see some of the biggest checks they’ve seen in almost 40 years.
These payments are the first to have the 5.9% COLA increase in them.
The rise was so high thanks to the rapid rate of inflation, which has risen 5.4% since September.
The maximum someone can collect in 2022 has risen over $4,000, coming in at $4,194.
In 2021 the amount of income someone earned and had to pay Social Security taxes on capped off at $142,800. This year it’s $147,000.
When will I get my Social Security payments?
The payments are sent based on when someone’s birthday lands.
The first check for 2022 will be sent on Jan. 12 for anyone whose birthday is between the 1st and 10th.
Anyone with birthdays from the 11th through the 20th will see their payment Jan. 19th.
People with birthdays that are the 21st onward can expect a check Jan. 26.
Payments will go out on the second, third, and fourth Wednesdays of the month.
Married couples will see an average increase of around $154, while disabled employees will see their checks rise from $1,252 to $1,358 each month.
8 million SSI recipients saw their increases in their checks Dec. 30, 2021.