According to a report by Gobankingrates.com, the first round of Social Security checks reflecting the new 5.9% cost-of-living adjustment was sent out earlier this month, and beneficiaries are now waiting for the second round, which will arrive in February. 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 continue to rise as the pandemic continues.
Social Security Schedule For February
- If your date of birth falls between the 1st and 10th of the month, your money will be distributed on February 9th, the second Wednesday.
- Or, if you were born between the 11th and the 20th of the month, your payment will be distributed on the third Wednesday of February, which is February 16.
- Or, if your date of birth falls between January 21 and December 31, your payout will be distributed on the third Wednesday of February, which is February 23.
If you think that your monthly Social Security check is insufficient to satisfy your basic requirements, you may be qualified to apply for Supplemental Security Income to receive a monthly payment in addition to your SS check. The first payment of SSI will be made on February 1st.
If you started receiving Social Security before May 1997, or if you get both, you’ll get your SSI payment on February 1 and your Social Security payment on February 3.
By creating your own profile, you can keep track of your benefit payments, statements, and other Social Security problems. This will provide you access to your Social Security account 24×7, allowing you to get benefit statements and verification letters right away, as well as do most administrative tasks from the comfort of your own home.