GREAT NEWS! SSA Announces Official July 2022 Social Security, SSI, SSDI Payment Dates

Now back in May, the Consumer Price Index for All Urban Consumers (or CPI-U) rose by 1.0% and the all items index increased 8.6% over the last 12 months. Rising inflation has pushed the Social Security cost-of-living increase to 5.9% for 2022, the largest in nearly 40 years. This increase went into effect on January 1st for Social Security beneficiaries and December 30th for Supplemental Security Income beneficiaries. Here is the July Social Security schedule:

· If your birth date is on the 1st-10th of the month, your payment is distributed on Wednesday, July 13th.

· If your birth date is on the 11th-20th, your payment is distributed on Wednesday, July 20th.

· If your birth date is on the 21st-31st, your payment is distributed on Wednesday, July 27th.

You may also qualify for Supplemental Security Income if Social Security isn’t enough to cover your basic living expenses. The SSI program sends monthly payments to adults and children with a disability (or blindness) who meet financial qualifications. SSI is also available to those 65 years and older who have limited income and financial resources. If you received Social Security before May 1997, or if you’re receiving both Social Security and SSI, then you will receive both your Social Security and SSI payment on July 1st.

An official with the Social Security Administration said beneficiaries are likely to receive a COLA “closer to 8%” at the end of 2022 due to the current rate of inflation, according to CBS News. In terms of numbers, beneficiaries could see an increase of $132.64 per month in early 2023, bringing the average check to about $1,790. Many people eligible for SSI may also qualify for Social Security benefits and food assistance through the Supplemental Nutrition Assistance Program or SNAP. SSI and Social Security are both administered by the Social Security Administration and even share the same application. SNAP is funded by the U.S. Department of Agriculture Food and Nutrition Service, but you must apply for benefits through your state’s SNAP agency. Now if you typically receive paper checks, the Social Security Administration says to wait three mailing days before checking on the status of your payment if you don’t receive it on the scheduled date. If you receive a direct deposit, you can expect to receive your payment on the first; however, this may depend on your bank.

543 views0 comments