A financial note for you today, if you receive Social Security benefits: In 2022, Social Security recipients will see their monthly checks grow by 5.9% But when exactly will you receive the first of those fatter checks?
As it turns out, it depends on your birth date — specifically, the number of the day on which you were born. For example, if your birthday was June 3, 1955, the important number to remember is “3.” Although the COLA kicks in for the entire program in January, your own first check that reflects the 2022 COLA will arrive on the following schedule:
If your birthday falls on days 1 through 10: You will receive your payments on the second Wednesday of each month, meaning you will receive your first payment with the 2022 COLA on Jan. 12. If your birthday falls on days 11 through 20: You will receive your payments on the third Wednesday, meaning you will receive your first 2022 payment on Jan. 19. If your birthday is on days 21 through 31: You will receive your payments on the fourth Wednesday, meaning you will receive your first 2022 payment on Jan. 26. There are a couple of exceptions to this rule, however. If you started receiving Social Security benefits prior to May 1997, or you receive both Social Security and Supplemental Security Income (SSI) benefits, you will receive your Social Security payment on the third of each month.
If you have questions call 320-679-5183.
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