When Will You See Social Security Benefits Increase?
Posted On: January 1, 2022
Social Security Benefits Increase in the coming weeks. Approximately 70 Million Americans will see a 5.9% increase this year, but when? According to the Social Security Administration, the payment calendar depends on the recipient’s birthday.
For example, beneficiaries with a birth date on the 1st-10th of the month will receive payments on the second Wednesday of the month starting on January 12th.
People with birthdays on the 11th-20th get the increase starting January 19th.
Those born on or after the 21st of each month will see the increase starting January 26th.
Of course, Supplement SSI benefits arrive on the first of each month. However, there are some exceptions. Those who’ve received benefits before May 1997 arrive on the third of the month. Also, this includes those who receive both Supplemental and SSI benefits.
What’s Behind the Social Security Benefits Increase?
This is the first increase to SSI Benefits since 1982. Many things are behind the increase including the rising cost of living across America as well as the economic uncertainty from the COVID-19 pandemic. Many leaders say the increase is vital for beneficiaries to keep up. The cost-of-living-adjustment will increase $92 for most retired workers. On average, the SSI benefit will be $1,657 for most recipients.
Additionally, these changes will also impact healthcare and the options available to residents. The benefits increase also extends to those who receive VA pensions, Civil Service Pensions, and Railroad Retirements. Moreover, the changes will impact millions of Americans living in public housing, specifically seniors.
In addition to the increase in income this will also have an impact on owners, managers, and agents as well. For example, the 2022 increase will need to be factored into annual recertifications.
Don’t forget Free Rental Assistance is available for those facing economic hardship because of the COVID-19 pandemic.