This Wednesday, January 11, Social Security beneficiaries whose birthday falls between the 1st and 10th of the month are supposed to receive their first check with the 8.7% COLA (Cost of Living Adjustment) increase.
The schedule under which the Social Security Administration (SSA) is guided for the distribution of monthly checks is based on the birthday of the recipients.
Every Wednesday of the month, the agency processes a new round of payments.
According to the agenda, tomorrow, the birthday boys between days 1 and 10 should receive the money, the majority by electronic transfer.
Before this round, on January 3, recipients of Social Security funds as well as the Supplemental Security Income (SSI) program should have their first enlarged check.
Also Social Security beneficiaries who claimed their payments before May 1997.
Prior to these mailings, Social Security processed the checks for the remaining SSI recipients on December 30. This was in response to the fact that payment usually arrives for these beneficiaries on the 1st of each month. However, that day was New Years or a holiday and the 31st fell on a Saturday, so the agency processed the checks two days earlier than usual.
That was the initial round of checks released by the SSA with the annual COLA hike.
The COLA increase is intended to help retirees and the disabled cope with the effects of inflation.
This year’s is the highest since the late 1970s and early 1980s.
On average, retirees will receive more than $140 per month from the new COLA.
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Some Social Security recipients will get $3,520 more next year under new COLA increase