The 5.9% cost-of-living adjustment (COLA) increase that went into effect on January 1 was the most significant COLA increase in over 40 years. It means that Social Security payments will increase by $92 on average, from $1,565 to $1,657.
Specific scheduled dates of payments
The first round of Social Security checks reflecting the new 5.9% cost-of-living adjustment was sent out earlier this month. The recipients are now waiting for the second installment, which will arrive in February. However, for individuals who qualify for the adjustment, the rise is the greatest in over 40 years, and it couldn’t come at a better time. Inflation has reached 7% and is anticipated to rise as the pandemic continues, Yahoo Finance posted.
According to californiaexaminer.net, your payment will be issued on the second Wednesday of the month, February 9, if your birthday falls between both the 1st and 10th of the month. If your birthday is between the 11th and the 20th of the month, your reward will be given on February 16, the third Wednesday of the month. If your birthday is between January 21 and December 31, you will be paid on February 23, the third Wednesday of the month.
Those who are qualified can avail payment
The Old-Age, Survivors, and Disability Insurance (OASDI) program of Social Security limits the number of earnings subject to taxation. This is the maximum Social Security tax withheld from an employee’s paycheck. The limit varies from year to year, depending on the national average wage index.
Supplemental Security Income (SSI) is available to those qualified when Social Security does not provide enough income to fulfill basic family needs. Apply to see if you qualify for this additional benefit on top of your monthly Social Security check. The first SSI cheques will be mailed out on February 1st, the US Sun wrote.
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