In just three short days, millions of Americans will see their first Social Security checks of 2022 with the 5.9% COLA increase in them.
Anyone on Social Security with a birthday on or after the 21st of any given month can expect their payment Wednesday, Jan. 26.
Those with birthdays on the 1st through 10th will see their next check Feb. 9 and anyone with birthdays on the 11th through 20th will see theirs Feb. 16.
The average check has increased by about $92, bringing the new monthly average to $1,657.
The COLA increase went into effect on Jan. 1, 2022.
In order to get the maximum amount in 2022, you needed to have high wages, in the 6 figure range, for the 35 years you worked as well as delayed your claim to age 70.
Recipients were sent letters in Dec. detailing the changes they would see.
If you’re waiting for your payment and feel it’s late, wait three days past its due date before contacting the SSA.
Different types of Social Security
While Social Security is the most commonly collected benefit for retirees, there are other types as well.
There is SSDI, or disability, SSI, and survivors benefits.
SSDI is for Americans who can no longer work due to a disability.
SSI is for Americans with limited income, and some seniors can collect that with their Social Security benefits.
Survivors benefits go to a deceased person’s spouse or children after they’ve passed away. The deceased individual needed to be collecting Social Security.