In early May, the next set of Social Security checks will be mailed out. In 2022, over 64 million Social Security recipients will receive the greatest cost-of-living adjustment in nearly 40 years — 5.9%. For Social Security recipients, the increase took effect on January 1, 2021, while for Supplemental Security Income recipients, it took effect on December 30, 2021.
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COLA hikes are typically modest, but the annual inflation rate in the United States is on the rise, having accelerated to 8.5 percent in March and perhaps rising further.
The following is the Social Security schedule for May:
- Your payout is delivered on Wednesday, May 11 if your birthday falls between the 1st and 10th of the month.
- If you were born between the 11th and the 20th of May, you will receive your payout on Wednesday, May 18.
- If you were born between the 21st and the 31st of May, you will receive your payout on Wednesday, May 25.
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The full 2022 benefit payment schedule can be viewed here on the Social Security Administration's website.
If your monthly Social Security benefits aren't enough to meet basic needs, you may be eligible for SSI. Adults and children with blindness or another impairment who meet certain financial criteria are eligible for SSI payments. SSI is also offered to people aged 65 and up with limited income and financial resources.
If you got Social Security before May 1997, or if you receive both Social Security and SSI, your Social Security will be sent on May 3.
By creating a My Social Security account, you may conveniently check on your benefit payments and Social Security statements. You may check the progress of an application, anticipate future benefits, manage the benefits you already get, and more through your online account.
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This article was first published on GOBankingRates.com: When Will Social Security Benefits Arrive in May 2022?