The Social Security Administration (SSA) is supposed to send tomorrow, Wednesday, January 19, the second round of checks with the monthly increase of 5.9% for Cost of Living Adjustment (COLA) to beneficiaries whose date of birth is between 11 and 20 of their respective month.
The calendar traditionally used by the SSA for the distribution of monthly payments is organized based on the birthdays of the recipients .
That is, the first to receive the monthly incentive are those who comply between days 1 to 10 , regardless of the month.
In the second round, the Social Security processes checks for birthdays between 11 and 20. And in the third monthly installment, it processes payments to people whose birth date is between 21 to 21.
The disbursement of the money is made every Wednesday. Last January , those who fulfilled between the days 1 to 10, they will begin to receive the check increasing.
Tomorrow Wednesday, 19 January, people with days of birthdays between 12 and 20, they should be receiving the money deposit .
Most payments from Social Security programs are made through electronic transfers.
However, since October of last year, the office has not updated data on the disbursement of Social Security checks with the increase of 5.9%.
In the press release of the The entity indicates that the Cost of Living Adjustment (COLA) will imply an average increase of $92 per month for a maximum total benefit of about $1,657.
The increase per COLA is determined each year based on the data available from the Price Index. Consumer Income Tax for Urban Salaried and Clerical Workers (CPI-W) until the third quarter.
The increase seeks to help retirees deal with the effects of inflation.
It may interest you:
The online tool to find out how much more money you will receive for a 5.9% increase in Social Security checks