Social Security Administration (SSA) recently published its 2022 calendar, which shows when recipients can expect to receive their benefit payments in the coming year.
The benefits will be paid on a different day of the month based on the recipients’ birthdays.
Any birthdays that fall between the first and the 10th will be paid on the second Wednesday of each month. Those born between the 11th and the 20th receive pay on the third Wednesday of the month. And those born between the 21st and the 31st are paid on the fourth Wednesday of the month.
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Exceptions to the benefit payment plan
As 2022 approaches and recipients await their first payment in the new year, SSA noted that there are more exceptions to the new schedule. For example, payments are sent on the third of each month when:
- You first applied for benefits before May 1997
- You will receive a Supplementary Security Income (SSI) and social security payments
- The state pays for your Medicare premiums
- You live in a foreign country
For those who receive SSI benefits but do not receive Social Security payments, their scheduled payment date will be the first of each month.
If you are dependent on social benefits and are waiting for the new payment plan to start in 2022, you can take out a personal loan now to help cover your monthly expenses. Visit Credible to compare multiple lenders at once and choose the lender with the best personal loan rates for you.
Social benefits will increase in 2022
Social benefits are set to rise next year with their highest rate in about 40 years, increasing 5.9% from 2021 due to this year’s cost of living adjustment (COLA). SSI recipients will start receiving the elevated checks at the end of December or in January 2022. COLA is determined using the Consumer Price Index (CPI) inflation measurement tool from the Bureau of Labor Statistics (BLS).
For comparison, Social Security increased payments by 1.3% for 2021. In fact, the increase in 2022 will be the highest since a rise of 7.4% in 1982.
However, questions have already been raised as to whether the 2022 increase will be enough. The latest consumer price index (CPI) showed inflation rose 6.2 per cent. annually in October, prompting experts to question whether seniors can afford basic expenses in the coming year.
If you are struggling to pay for your expenses before next year’s planned social security increase, consider taking out a personal loan to help pay off debt. Contact Credible to speak with a personal loan expert and get answers to all your questions.
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