Social security checks are expected to go out in early August. Rising inflation has pushed the rise in Social Security’s cost of living to 5.9% by 2022, the largest in nearly 40 years, and is expected to be even higher in 2023.
See: Social Security COLA Increases Could Cost Seniors Money — Here’s How Find: 7 Important Social Security Facts for 2022
Here’s the August Social Security schedule:
If your date of birth falls on the 1st-10th of the month, your payment will be paid on Wednesday, August 10.
If your date of birth is on the 11th-20th, your payment will be made on Wednesday, August 17th.
If your date of birth is on the 21st-31st, your payment will be made on Wednesday, August 24.
If Social Security checks aren’t enough to cover basic living expenses, you may also qualify for Supplemental Security Income (SSI). The SSI program sends monthly payments to adults and children with disabilities (or partial or complete blindness) that prevent the ability to work. Recipients of SSI must still meet financial qualifications. SSI is also available to people over 65 with limited income and limited financial resources.
If you received Social Security before May 1997, or if you receive both Social Security and SSI, you will receive Social Security on August 3 and SSI on August 1. If you don’t receive your payment by the scheduled date, the Social Security Administration says to allow three additional mailing days before contacting the agency.
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The average Social Security check amount for all beneficiaries as of June 2022 is approximately $1,542, while SSI recipients receive approximately $623 per month. The latest estimates show that the COLA could rise to 10.5% by 2023 due to inflation. A COLA of 10.5% would mean a $175.10 increase in the average monthly retirement benefit, according to The Senior Citizens League.
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This article originally appeared on GOBankingRates.com: Social Security Schedule: When Distributions Will Be Sent in August 2022