In just days Americans collecting Social Security checks will see an increase in their payment.
This is thanks to the COLA increase of 5.9% that went into effect this month.
The increase is the largest recipients have seen in almost 40 years.
Here are 5 things about Social Security you should know for 2022
Which recipients see the raise?
70 million people in programs under the Social Security Administration will see the increase.
Anyone collecting SSI will also see the increase.
SSI recipients saw their first checks for 2022 on Dec. 30, 2021.
When does it start?
The increase is effective Jan. 1, 2022.
When you get your payment depends on what day of the month your birthday lands on.
Those with a birthday between the 1st and 10th can expect checks every month on the second Wednesday.
On the third Wednesday, people with birthdays between the 11th and 20th will see a payment.
The fourth Wednesday will be the day anyone with a birthday on the 21st or later will get their payment.
How much more are the payments?
With the 5.9% increase, the new average monthly check is $1,657.
That’s up $92 from 2021’s $1,565.
People who will see a rise of $230 need to have been making at least $3,895 per month in 2021 in Social Security.
Very few people meet that threshold.
How to find out what your increase will be
Notices were sent by the SSA in Dec. to detail each person’s changes.
You may also login to the SSA page and check the message center to see what your benefits will be.
Why is the COLA increase so high?
Every year the COLA is adjusted to match inflation by using the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The goal is to help seniors maintain their purchasing power in a climate of such high inflation.
Some years the increase is 0, but it will never go down, only stay the same or go up.