Payment plan for Social Security 2022 benefits – when can you expect your checks

Social Security released its 2022 calendar showing the dates of benefit payments for the year. (iStock)

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.

If you are expecting social security payments but are struggling with your monthly expenses, you may want to consider taking out a personal loan to help pay off high-interest debt. Visit Credible to compare lenders and find your personal price.

SOCIAL BENEFITS SEE HIGHEST BOOST IN 40 YEARS, BUT INFLATION IS HIGHER

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.

THIS CHANGE IN SOCIAL SECURITY DECLARATION MAY SIMPLIFY YOUR PENSION PLANNING

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.

Do you have a finance-related question but do not know who to ask? Send an email to The Credible Money Expert at moneyexpert@credible.com and your question may be answered by Credible in our money expert column.

Follow us on Google News

Disclaimers for mcutimes.com

All the information on this website – https://mcutimes.com – is published in good faith and for general information purposes only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.

Give a Comment