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Second round off Social Security checks, which reflect the new cost-of-living adjustment of 5.9%, were released this month, and recipients are now waiting for the third to come in March. The COLA increase was the largest in nearly 40 years for those who qualify for the adjustment, and it could not come at a more welcome time. U.S inflation is now as high as 7.5%and is expected to continue to rise as the pandemic and supply chain problems it has caused rage.
Social security 2022: Which dates to look out for
Learn: Social Security COLA increases add so much cash to your pockets every month
For March payments, the social security plan is as follows:
- If your date of birth is 1-10. in the month, your payment will be distributed the second Wednesday, March 9th.
- If your date of birth is 11-20, then your payment will be distributed on the third Wednesday 16 March.
- If your date of birth is the 21st-31st. then your payment will be distributed on the third Wednesday, March 23rd.
If you feel that Social Security does not provide enough income to meet your basic needs, you may be eligible to apply for Supplementary Security Income to receive an additional benefit on top of your monthly SS check. SSI is paid out on March 1st.
If you started receiving Social Security before May 1997, or you receive both Social Security and SSI, you will receive your SSI payment on March 1st and your Social Security payment on March 3rd.
You can check your benefit payments, statements and all other social security issues by setting up your own mySocialSecurity account online. This gives you 24/7 access to your social security account and allows you to get benefit declarations and confirmation letters right away to take care of most administrative needs from your own home.
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