In just one day, millions of Americans will get the first Social Security check with the new COLA increase of 5.9%.
The people getting a check tomorrow have birthdays that land between the 1st and 10th of the month.
70 million Americans will be impacted.
This is the largest COLA increase in almost 40 years.
Social Security 2022
The SSA sent notices to recipients in Dec. detailing the changes in their own individual benefits.
The amount a person receives is based on their working years and how much money they made.
If a person’s birthday is between the 11th and 20th, they’ll see a check on Jan. 19.
Birthdays landing between the 21st and last day of the month will get a check Jan. 26.
Every second, third, and fourth Wednesday of each month, checks are sent.
The checks are going up an average of $92 per month, but that of course varies for individuals.
Couples can expect an average increase of $154 per month.
Social Security taxed the first $142,800 of someone’s income in 2021. In 2022 that will be $147,000.
Those collecting SSDI can expect an average increase of $76.