The first COLA social security payments will be out in days, averaging $1,657 per recipient. The mailing date of checks is by your birthday, so those born at the end of the month will have to wait a little longer.
Social Security Payout Determined by Birth Date
The cost-of-living adjustment (or COLA) for social security benefits began in December, and the payout is in January. According to Marca, millions of Americans will find themselves among the fortunate recipients of a $1,657 check in the coming days.
The beneficiaries are likely to receive a higher check than they received in 2021.
Remember that the mailing of checks is according to the beneficiary’s birth month.
As a result, recipients of this program must consider the various days it will take for the stimulus fund to arrive, as well as the payment plan that will be published in the coming months.
The first through the tenth of the month, for example, will receive their first adjusted checks on January 12. Those born in the middle of the month, between the 11th and the 20th, will receive their checks on January 19. Those born between the 20th and the 26th of the month can anticipate their cheques on January 26.
Checks will be mailed on the second, third, and fourth Wednesdays of each month for persons whose birthdays fall at the beginning, middle, and end of the month.
Monthly Average Benefit Increase
A retired worker’s monthly check will now increase from $1,565 to $1,657 per month due to the COLA increase. In the meantime, a typical couple’s benefits will increase by $154 per month, from $2,599 to $2,753.
Disabled Americans will also get a 5.9% increase in their Social Security Disability Insurance (SSDI), the US Snn posted.
Disabled workers’ monthly average benefit will increase by $76 per month, from $1,282 to $1,358. For the time being, the SSA has confirmed that the highest limit of earnings subject to Social Security tax will boost this month, from $142,800 to $147,000, in response to a rise in average wages. It means that workers on high salaries will pay tax on a more significant percentage of their income.
People should note that this payment is only available to the elderly who receive Social Security payments and are COLA registered. As a result, this payment targets retirees.
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