Payments this year are 5.9% higher than in 2021 following the largest cost-of-living adjustment in nearly 40 years. The increase came into effect on January 1st as inflation continues to reach record highs across the country amid the supply chain crisis. Retired workers will now see, on average, their monthly check increase from $1,565 to $1,657 a month. Meanwhile, a typical couple’s benefits will increase by $154 from $2,599 to $2,753 per month. Now according to recent sources, some are wondering if there will be a $200 increase to the payment. There are no plans in place, yet, to make this a reality. Americans took to Twitter to say that they are struggling to cover costs, despite the rise.
One said: “Ya, I got a whole 30$ raise that will help with the cost of everything rising lol”. Another commented: “My Social Security only went up $52 that doesn't even help me pay for my gas bill”. Meanwhile, others branded the cost of living increase “a joke”. Some recipients also claim "surging" Medicare costs will "wipe out" their adjusted monthly payments. Those who claim Social Security Disability Insurance (or SSDI) will also benefit from the 5.9% COLA increase. In this case, the average monthly benefit for disabled workers will go up by $76 from $1,282 to $1,358 a month. SSDI provides relief to those with disabilities who can no longer work or work at reduced capacity. The benefit aims to replace a portion of the qualifying worker’s salary.
Anyone whose birthday falls between the 1st and the 10th can expect to get their money on the second Wednesday of each month. If your birth date is on the 11th-20th, the payment will be deposited on the third Wednesday of each month. Americans with a birthday that falls between the 21st and the 31st of the month can expect to get their check on the fourth Wednesday of each month. You can find out your benefit information by going to the Social Security Administration's message center where you will need to create an account if you don't already have one. The Social Security Administration should’ve already mailed COLA notices to retirees and disability beneficiaries.
It's highly unlikely that a fourth round of federal stimulus checks will be introduced anytime soon to help offset inflationary pressures. And, the future of child tax credit payments remains uncertain, with no checks expected to be sent out to Americans in January. However, officials are considering approving disbursements of a double stimulus check to families in February. States such as California have been offering financial assistance to cash-strapped residents, with Golden State stimulus payments continuing to be mailed to eligible residents’ homes until January 11th.Paper checks, worth up to $1100, should arrive three weeks after being deposited.