The Social Security Administration recently released the schedule for Social Security benefits in 2022, which will be 5.9% higher than in 2021 due to the cost-of-living-adjustment (COLA), the highest COLA rise in just under 40 years.
Monthly Scheduled Payment
Over 70 million Americans will get a 5.9% increase in Social Security and Supplemental Security Income (SSI) benefits in 2022. When the cost of living increases, as determined by the Consumer Price Index of the Department of Labor, federal compensation rates climb as well (CPI-W). When prices rise, the CPI-W rises, resulting in a higher cost of living. However, because fees for products and services are, on average, a little higher as a result of this change, the cost-of-living adjustment (COLA) helps to balance these costs.
If your birthday is between the 1st and the 10th of the month, you’ll get your benefits on the second Wednesday of the month. You can expect to be given your benefits on the third Wednesday of each month if your birthday is between the 11th and 20th. If your birthday is between the 21st and the 31st of the month, you can expect to receive your payments on the fourth Wednesday of each month, Marca posted.
SSI Average Payments
According to en.as.com, most people who get SSI payments are between the ages of eighteen and sixty-four, and their average monthly payout in December 2021 was $617. This age group accounts for about 56% of recipients, with the remaining 29% being under the age of eighteen and 29.8% being above sixty-five.
Benefits are available to disabled children in low-income families to assist parents and guardians in covering the costs of their children’s medical needs. In December, the average monthly SSI benefit for a child was $687. Some states provide extra benefits to supplement the funds allocated to help disadvantaged children. The distribution, however, is determined by state legislation.
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