THE first COLA social security checks of 2022 will begin going out in just days and will average about $1,657 per recipient.
The date the checks go out depends on your birthday, and those born at the end of the month will have to wait a bit longer to receive the money.
The cost-of-living adjustment (or COLA) for social security benefits went into effect in December, but will be paid out in January.
People born on the first through the 10th of the month will get their first adjusted checks on January 12.
Those born mid-month, from the 11th to the 20th, will get their checks on January 19.
And those born at the end of the month, from the 20th onward, can expect their checks on January 26.
Throughout the year, checks will be sent on the second, third, and fourth Wednesdays for people whose birthdays fall at the beginning, middle, and end of the month respectively.
The COLA hike means a retired worker will now see, on average, their monthly check increase from $1,565 to $1,657 a month.
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Meanwhile, a typical couple’s benefits will rise by $154 – from $2,599 to $2,753 per month.
Disabled Americans will also see their Social Security Disability Insurance (SSDI) rise by 5.9 per cent.
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The average monthly benefit for disabled workers will go up by $76 – from $1,282 to $1,358 a month.
Meanwhile, the SSA also confirmed that the maximum amount of earnings subject to Social Security tax will increase this month.
This will go up from $142,800 to $147,000, which comes following an increase in average wages.
It means workers on high salaries will be paying tax on a larger proportion of their earnings.
