COLA Social Security Payment Increases By 5.9%

Though the world has come to a standstill due to the pandemic, the United States continues to strive and bring good news for its citizens. Millions of people in the United States are going to receive a check for $1657 by the end of January 2022. According to CNBC, recipients of the COLA Social Security payment are expected to receive a greater amount than what they did the previous year.

Social Security: Be Careful Not To Lose Up To 30% Of Your Benefits

The department would distribute the checks as per the month of birth of the beneficiaries. Hence, it’s evident that the distribution spans across months. The department asks beneficiaries to be aware of the dates when they are likely to receive the payment. With the proceedings happening in full force, it would take long for the payment schedule to be released.

Increase in the SSI payment

Recipients of the Supplemental Security Income( SSI) had already received two payments in December 2021. The next check is likely to be issued on 1st February 2022, thanks to the recently implemented cost of living adjustment plan.

From the details stated by the Social Security Administration, the monthly SSI payment increased from $794 per month in 2021 to $841 in 2022. The SSI scheme has benefited innumerable American families. As per the latest reports, about 7.8 million Americans receive SSI benefits.

Who would receive this stimulus check?

Americans who are eligible to receive Social Security Benefits and are registered under the COLA plan will receive this increased SSI payment. This means, that these checks are mostly for retirees. The increase in the SSI amount is meant to help the beneficiaries maintain their purchasing power. Keeping in mind the consequences of inflation, the state has increased the SSI payment drastically to ensure employees don’t suffer losses.

Usually, the COLA SSI payments are released on the second Wednesday of every month. Thus, with this new year, beneficiaries would receive Social Security checks of greater amounts, marking the biggest annual increase in the last forty years.