Today, Jan. 19, millions of Americans will see bigger Social Security payments going into their bank accounts.
The check today is for anyone collecting Social Security whose birthday lands between the 11th and 20th.
The new checks are, on average, around $1,657 each.
The COLA increase for 2022 is 5.9%, a major increase that attempts to offset inflation having a negative impact on seniors.
The first checks of 2022 were sent the second Wednesday of Jan., on Jan. 12.
This is the second check, which goes out every third Wednesday of the month.
The third and last check for the month will go out on the fourth Wednesday of the month, which is Jan. 26 this month, according to The Sun.
The maximum amount that seniors can collect in 2022 is $4,194.
The only way to get the max is by working a number of high earning years throughout your life as well as delaying your claim to age 70. You also need to work for at least 35 years.
Recipients should have received a letter detailing their changes for 2022 this past Dec.
Other types of Social Security payments
While the most talked about form of Social Security is the regular payments for retired Americans, there are other types as well.
SSI, or Supplemental Security Income, is available to those that do not earn enough to live on.
There are also disability benefits, called SSDI.
Survivor’s Benefits exist for those who lost a spouse or qualifying children who lost a payment.
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