Americans who will receive the largest Social Security check this week with a 5.9% hike due to COLA
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 on the 11th and 20th of their respective month.
The calendar that the SSA traditionally uses 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 meet between days 1 to 10, regardless of the month.
In the second round, Social Security processes checks to birthday children between the 11th and 20th. And in the third monthly installment, it processes payments to people whose birthdays fall between the 21st and 31st.
The disbursement of the money is made every Wednesday. On January 12, those who fulfilled between days 1 to 10 were supposed to start receiving the check increasing.
Tomorrow Wednesday, January 19, people with birthdays between 11 and 20 should be receiving the money deposit.
Most Social Security program payments are made through electronic transfers.
However, since October last year, the office has not updated data on the disbursement of Social Security checks with the increase of 5.9%.
The entity’s press release indicates that the Cost of Living Adjustment (COLA) will imply a average raise of $92 per month for a maximum total benefit of about $1,657.
The increase per COLA is determined each year based on available data from the Consumer Price Index for Urban Salaried and Clerical Workers (CPI-W) up to 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 from a 5.9% increase in Social Security checks