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January COLA Update for Social Security & SSI Beneficiaries | Checks Worth Up to $230!

Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits. Those who receive Supplemental Security Income payments will also see an increase in 2022.SSI beneficiaries received their adjusted checks on December 30th, 2021. The payment boost affects 64 million Social Security claimants and 8 million SSI beneficiaries, according to the Social Security Administration.


And when exactly those payments will arrive will depend on your birthday. If your birth date is on the 1st-10th, it will be deposited the second Wednesday of each month. If your birth date is on the 11th-20th, it will be deposited on the third Wednesday of each month. If your birth date is on the 21st-31st, it will be deposited on the fourth Wednesday of each month. Here is the January 2022 payment schedule: the payment for the second Wednesday this month is on January 12th, payment for the third Wednesday is on January 19th, and payment for the fourth Wednesday is on January 26th. In 2021, the average monthly payment for retired workers was $1,565. That will rise to $1,657 with the upcoming 5.9% increase. This means the average retirement benefits recipient can expect an increase of approximately $92 per month. In order for a 5.9% increase to result in an extra $230 per month in benefits, you would have needed to have received at least $3,895 per month in 2021. That is maximum benefit for someone who retired at age 70 in 2021. The exact amount on offer varies based on your employment history and age at which you first claim the support.


The Social Security Administration mailed COLA notices throughout the entire month of December 2021. You can check your new benefit amount online by using the message center in your Social Security account. Now with regards to laws addressing policy changes for Social Security recipients, obviously we’ve already established that Medicare premiums significantly cut into people’s checks. On that front, I have not yet seen any legislation seeking to address this issue. Senator Manchin did permanently block President Biden’s Build Back Better Plan from being approved, meaning, in my opinion, that separate standalone bills serving Social Security, SSI, and SSDI recipients focused on improving policy will need to be drafted outside the scope of the infrastructure bill in order for us to see some momentum. Several Senators like Elizabeth Warren and Bernie Sanders attempted to propose changes last year with bills like the SSI Restoration Act of 2021, but to no avail. Let’s hope this year we can gain more traction in Congress.

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