Social Security Schedule: When First Cola Checks Will Arrive In March 2022
The second round of Social Security checks reflecting the new 5.9% cost of living adjustment went out this month, and recipients are now waiting on the third, coming in March. The COLA increase was the largest in nearly 40 years for those who qualify for the adjustment, and it could not come at a more welcome time. U.S. inflation now sits at a whopping 7.5%, and is expected to keep rising as the pandemic and supply chain issues it has caused rage on.
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For Marchs payments, the Social Security schedule is as follows:
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If your birth date is on the 1st-10th of the month, then your payment will be distributed on the second Wednesday, March 9.
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If your birth date is on the 11th-20th, then your payment will be distributed on the third Wednesday, March 16.
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If your birth date is on the 21st-31st, then your payment will be distributed on the third Wednesday, March 23.
If you feel Social Security does not provide enough income to meet your basic needs, you may be eligible to apply for Supplemental Security Income to receive an additional benefit on top of your monthly SS check. SSI will be paid out on March 1.
If you began receiving Social Security before May 1997, or you receive both Social Security and SSI, you will receive your SSI payment on March 1, and your Social Security payment on March 3.
Why Your 59% Cola Might Not Go Far
The Social Security COLA is tied to inflation.
The annual increase is meant to offset the rising cost of everyday essentials like food, housing and gas.
Yet Social Security COLAs have historically lagged behind inflation including this year.
The Consumer Price Index, a government measure for the change in prices over time, hit 6.2% in October so the 5.9% COLA already falls short.
Higher Medicare costs in 2022 will likely erode the new Social Security adjustment even further.
Most Medicare beneficiaries have their monthly Part B premium automatically deducted from their Social Security checks.
On Nov. 12, the Centers for Medicare & Medicaid Services announced that Part B premiums are increasing by $21.60 a month in 2022 the biggest one-year increase in Medicare history.
Medicare beneficiaries are also facing higher Part A and Part B deductibles next year.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for Codetic.
History Of Automatic Cost
The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.
The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor. By law, it is the official measure used by the Social Security Administration to calculate COLAs.
Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. Before that, benefits were increased only when Congress enacted special legislation.
Beginning in 1975, Social Security started automatic annual cost-of-living allowances. The change was enacted by legislation that ties COLAs to the annual increase in the Consumer Price Index .
The change means that inflation no longer drains value from Social Security benefits.
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For Individuals Who Receive Both Ssi And Ssp Benefits:
If you receive both SSI and SSP benefits, you will report your changes to SSA.
Examples of changes that must be reported include, but are not limited to:
- Change of residence and/or mailing address
- Change in countable resources that exceed $2000 for an individual or $3000 for an SSI/SSP couple
- Changes in bank account information
- Changes in your payee
- Changes in who you wish to allow to receive information about your benefits
NOTE: You must report any change in your State Living Arrangement directly to NYS SSP, not to the SSA.
A change in living arrangement must be reported to NYS SSP within ten days of the date of the change. Please note that a change in who is in the household must be reported even if your address has not changed. The death of a household member, or changes to who is living in the household are living arrangement changes that must be reported.
Find Out Your New Benefit Amount
my Social Security accounts are secure ways to verify and manage your benefits. By creating a free, personal account, you can check your Social Security statement, change your address, report your wages and more.
If you don’t have a my Social Security account, you can . Once you log in to your account, you can manage your notification preferences under “Message Center Preferences” to start receiving courtesy messages either in your email or as a text message. Social Security will send a message to the Message Center inbox in your account and, if you’ve signed up for courtesy notifications, you will receive an email and/or text message to let you know you have a message waiting in your account. In December 2021, Social Security COLA notices will be available online to most beneficiaries in the message center of their my Social Security account. Remember, you’ll still receive your notice in the mail, but you can also choose to receive COLA notices online through your my Social Security account.
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Exact Dates Social Security Benefits Will Be Paid Each Month In 2022
- 10:10 ET, Jul 8 2022
MILLIONS of Social Security payments reflecting a higher benefit have been going out to Americans since the beginning of the year.
The larger check is due to the cost-of-living adjustment .
More than 64million people receiving Social Security have been getting more money.
That’s the highest increase since 1982.
The last time COLA came close was in 2009 when it was 5.8%.
How Much Money Will The Average Social Security Recipient Get In 2022
The 2022 COLA increase is the biggest since 1982.
Heres what that looks like for the average recipient:
- Retired workers will get an extra $92 a month on average, bringing the average monthly benefit to $1,657.
- Disabled workers will get an extra $76 a month on average, bringing the average monthly benefit to $1,358.
- The maximum Supplemental Security Income benefit for individuals will increase by $47 a month, bringing the maximum monthly benefit to $841.
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Social Security Begins Issuing Annual Statements To 125 Million Workers
Beginning October 1, the Social Security Administration will launch the largest customized mailing ever undertaken by a Federal agency when it sends an annual Social Security Statement to 125 million workers. The 4-page statement is designed to help workers with financial planning by providing estimates of their retirement, disability and survivors’ benefits. The statement will also provide workers an easy way to determine whether their earnings are accurately posted on their Social Security records. This is an important feature because Social Security benefits are based on an individual’s career wage record.
“The Social Security Statement is a valuable tool that will help Americans prepare for their long-term financial security,” Social Security Commissioner Kenneth S. Apfel said. “It puts the future in their hands.”
The annual Social Security Statement is the result of efforts by Senator Daniel Patrick Moynihan to establish in law the requirement that all Americans receive an annual statement of potential Social Security benefits. By law, SSA will send the annual statements to workers who are ages 25 and older and not receiving Social Security benefits. SSA will stagger the mailing of the statements throughout the year, with approximately 500,000 statements delivered each day. Workers will automatically receive their statements about three months before their birth month.
How To Get Your Social Security Statement
It used to be that the SSA sent a mailed copy of your Social Security statement every year. Although that practice has changed, the easiest way to get access is through the SSA website. The mySocialSecurity page will let you log in and see your latest statement whenever you want.
If you’ve never seen your Social Security statement, or if it’s been a while since you saw it last, then you should make checking your latest information a priority for 2022. Given the key role that Social Security plays in nearly everyone’s financial life, there’s no excuse for taking just a few minutes and seeing what you’ve got coming from the federal retirement program when the time comes.
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Disability And Survivor Benefits
In addition to retirement benefit eligibility, the statement also provides estimates as to what your monthly income would be if you claimed disability benefits.
There are also estimates for how much monthly income through survivor benefits your eligible spouse or minor children may receive if you pass away.
Social Security Payment Schedule 202: When Will 59% Increase Start
Social Security beneficiaries will see a 5.9% increase in their benefits and Supplemental Security Income payments starting in January. The cost-of-living adjustment is the biggest boost in benefits since 1982. Shutterstock
A calendar with payment schedule information for 2022 has been released by the Social Security Administration.
According to the calendar, beneficiaries with a birth date on the 1st-10th of the month will receive payments on the second Wednesday of the month starting on Jan. 12. People with birthdays on the 11th-20th receive benefits on the third Wednesday of the month starting Jan. 19 birthdays from the 21st to 31st of the month will be paid on the fourth Wednesday starting Jan. 26.
Supplemental Social Security beneficiaries are paid on the 1st of each month. Social Security benefits from prior to May 1997, or those receiving both Social Security and SSI, will be paid on the third of each month.
If payments arent received on the expected date, people should wait three mailing days before contacting the agency.
COLA increase
The 2022 payments will include a 5.9% increase, the biggest boost in 39 years.
The cost-of-living adjustment will mean an increase of about $92 a month for most retired workers, bringing the average benefit to $1,657 per month. Some of that increase, however, will be eaten away from higher Medicare Part B premiums that are rising from $140.50 to $170.10.
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Get Your Social Security Benefit Statement
Social Security Public Affairs Specialist in Peru, IL
Tax season is approaching and replacing your annual Benefit Statement has never been easier. The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits you received from us in the previous year so you know how much Social Security income to report to the Internal Revenue Service on your tax return.
If you live in the United States and you need a replacement form SSA-1099 or SSA-1042S, simply go online and get an instant, printable replacement form using your personal my Social Security account at www.ssa.gov/myaccount. A replacement SSA-1099 or SSA-1042S is available for the previous tax year after February 1.
If you dont have access to a printer, you can save the document to your computer or email it to yourself. If you dont have a my Social Security account, creating one is very easy to do and usually takes less than 10 minutes. With a personal my Social Security account, you can do much of your business with us online. If you receive benefits or have Medicare, your personal my Social Security account is also the best way to:
Visit www.ssa.gov to find more about our online services.
How To Get A Copy Of Your Social Security Statement
The SSA mails out Social Security Statements to follks age 25 and over before their birthdays during their 25, 30, 35, 40, 45, 50, 55, and 60 years. For those age 60 until retirement, the SSA will send out statements every year. You can also go online to get a copy of your statement or view it online. Go to www.ssa.gov/mystatement/ and open an account with Social Security to view your statement.
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How Can I Get A Social Security Statement
You can get your Social Security Statement online by using your personal mySocial Security account. If you dont yet have an account, you can easily create one. Your online Statement gives you secure and convenient access to estimates for retirement, disability, and survivors benefits you and your family may be eligible for.It also shows your earnings history.To set up or use your account to get your Statement, go to . We also mail paper Statements to workers age 60 and older 3 months before their birthday. This is if they dont receive Social Security benefits and dont yet have a personal mySocial Security account. Workers who dont want to wait for their scheduled mailing can request their Statementby following these instructions.The Statement will arrive by mail in four to six weeks.
Request For A Social Security Statement
If you dont want to wait for your Social Security Statement to be mailed to you, you may sign up to get your Social Security Statement online. You also may be able to estimate your retirement benefit using our online Retirement Estimator.
If you would like to receive your Social Security Statement by mail, please print and complete a “Request For Social Security Statement” and mail it to the address provided on the form.
You should receive your paper Social Security Statement in the mail in four to six weeks.
If you were unable to create or encountered a problem with your mySocial Security account, you may visit a local office or call 1-800-772-1213 for help.
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For Individuals Who Only Receive Ssp Benefits:
If you receive only SSP benefits, you will report your changes directly to NYS SSP.
Examples of changes that must be reported include, but are not limited to:
- Change of residence and/or mailing address
- Improvement of a disability
- Income or employment changes
- Change in countable resources that exceed $2000 for an individual, or $3000 for an SSI/SSP couple
- Change in living arrangement or household composition, including the death of a household member or changes to who is living in the household. Please note that a change in who is in the household must be reported even if your address has not changed.
The changes listed above must be reported to NYS SSP within ten calendar days of the date of the change.
You should also tell NYS SSP about the following changes as soon as you know about them:
- Changes in bank account information
- Changes in your payee
- Changes in who you wish to allow to receive information about your benefits
Using Your Benefit Estimates
As your statement will show, your Social Security retirement benefits will vary depending on when you claim them before or after your full retirement age . The longer you wait to start receiving payments, the higher your benefit amount will be.
However, it’s not always better to wait until your full retirement age to claim your Social Security benefits. If you need your Social Security benefits for living expenses, or you have a health condition that makes it unlikely that you will live past age 75 or so, you may be better off collecting your benefits sooner rather than later. You can use a calculator at the Social Security website to see which retirement age makes the most financial sense for you .
For comprehensive practical information about how and when to claim Social Security benefits, see Social Security, Medicare & Government Pensions, by Joseph Matthews with Dorothy Matthews Berman .
You could be eligible for up to $3,148 per month In SSDI Benefits
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How Can I Get A Form Ssa
An SSA-1099 is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits you received from us in the previous year so you know how much Social Security income to report to the Internal Revenue Service on your tax return.
If you are a nonresident alien and you received or repaid Social Security benefits last year, we will send you form SSA-1042S instead.
The forms SSA-1099 and SSA-1042S are not available for people who receive Supplemental Security Income .
If you currently live in the United States and you need a replacement form SSA-1099 or SSA-1042S, you can instantly get a replacement form beginning February 1st by:
- Using your personal mySocial Security account, and if you dont already have an account, you can create one online. Go to . Once you are logged in to your account, select the “Replace Your Tax Form SSA-1099/SSA-1042S” link.
- Calling us at 1-800-772-1213 , Monday through Friday, 8:00 am 7:00 pm.
How You Receive Benefits
If you receive both SSI and SSP benefits, you will receive your SSP benefits the same way you chose to receive your SSI benefit.
If you receive SSP benefits but do not receive SSI benefits, you can choose how to receive your benefits. We strongly encourage you to receive benefits through direct deposit, which is safe, fast and convenient.
If you currently have a representative payee for your SSI benefits, that person will also manage your SSP benefits. If you want to change your representative payee, you must contact SSA. If you receive SSP but do not receive SSI benefits, you can assign or change a payee by calling SSP at 1-855-488-0541.
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