After sending out the last checks of this month last Wednesday, August 24, more eligible citizens of the United States are expected to receive cost-of-living adjustment (COLA) payments from the Social Security Administration (SSA) in September.
Retired, low-income and disabled Americans are helped by the government through the Social Security, Supplemental Security Income (SSI), and Social Security Disability Income (SSDI).
Social Security will send out the checks starting on September 14, as inflation has seen the Social Security cost-of-living adjustment (COLA) increase to 5.9 percent for 2022.
When will you receive the September payments?
If you were born between the 1st and 10th, the payment will be made on the second Wednesday of each month, which means that you will receive the check on September 14.
While if your birth date is from the 11th to the 20th, you then receive it on the third Wednesday every month, which is September 21.
Finally, those born from the 21st to the 31st of each month will receive the last payment. They will get their money on the fourth Wednesday of the month, which is September 28.
According to the COLA increase, the 2022 Social Security benefits increased by $92 from the previous year. The total amount of benefits was $1,657 per month.
COLA calculations show that in 2023 the monthly benefits will increase to $1,800 a month.
“This will be one of the highest COLAs ever paid in the program’s history,” Social Security policy analyst Mary Johnson told the Free Press earlier this month.
“Every COLA is meaningful because Social Security is one of the only forms of retirement income adjusted for inflation.
“The actual COLA we received has fallen short of actual inflation. With the next COLA we get, we may be in a bit better position. I don’t know how much longer inflation will continue at its current pace.”
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