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COLA Social Security payment schedule 2022 — Exact date $4,194 direct payment drops fast approaching

How COLA increases your payment by $92 each month
What is inflation and what is the latest US rate?
Who doesn’t receive Social Security explained
Exact dates Social Security, SSI, and SSDI are paid each month in 2022

THE last round of September Social Security checks are dropping next week, and recipients can expect to see up to $4,194.

The Social Security Administration sends out three payments every month.

Recipients receive their benefits depending on when their birthday lands.

Those born before the 20th have already received their September Social Security checks and anyone born after the 21st can expect theirs on September 28.

This year's maximum Social Security benefit is $4,194 per month, with the average amount at $1,657.

Those who also receive Social Security Disability Insurance can expect their payments on the same schedule.

Read our COLA blog for more news and updates...

  • Carsen Holaday

    What is required minimum distribution?

    required minimum distribution (RMD) is the minimum amount you must withdraw from your account each year.

    The IRS says if your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 72.

    When you reach 72, you must begin making RMDs from certain tax-advantaged retirement accounts.

  • Carsen Holaday

    ‘Concerned about making ends meet’

    The Senior Citizens League launched an online petition in August 2021 to get seniors a $1,400 stimulus check.

    It has over 100,000 signatures.Shannon Benton with the Senior Citizens League told The Sun: “We have received hundreds of emails from people concerned about making ends meet.”

    “The high cost of living adjustment, for many, just exacerbated their financial woes by bumping their income above program limits to qualify for medicare savings programs and extra help.”

  • Carsen Holaday

    Poverty gap for senior citizens of color has grown

    Chasing Progress, a Colorado News Collaborative project has recently reported that the poverty rate for Black and Latino senior citizens has grown in the last decade.

    The study had shown that Black seniors are more than twice as likely to fall into poverty than white seniors, and Latino seniors are nearly three times as likely.

    Denver’s population has also gotten older with people over 65 years old making up 12.2 percent of the population.

    Census data also shows that seniors have to spend more time in the workforce to afford retirement benefits.

  • Carsen Holaday

    Can you fully rely on Social Security benefits?

    On average, Social Security payments only account for about 40 percent of your pre-retirement income.

    So it’s important to have other money saved up for retirement.

    How much you receive from Social Security benefits will depend on your income.

  • Josephine Fuller

    When your disability worsens, part three

    “There really isn’t a maximum disabled worker benefit amount that corresponds to the maximum retired worker benefit amounts we post on our website,” the SSA previously told The Sun.

    Regardless of how much you’re receiving from either or both programs – your benefits could increase if your disability worsens over time.

    If this happens, this could force you to work fewer hours – thus impacting your earnings – meaning you might be eligible for a higher benefit.

    Also, keep in mind, that you could lose those benefits if your health winds up improving to the point where you are no longer considered disabled.

  • Josephine Fuller

    When your disability worsens, part two

    In 2022, the SSI average benefit is $621 per month this year, up by $34 from 2021. This equals $7,452 each year.

    As far as SSDI goes, the amount you receive is a bit more complicated.

    The benefit amount will depend on the age you became disabled, your employment history (including the average amount of income you once earned), and your period of eligibility.

  • Josephine Fuller

    When your disability worsens to impact income

    Those with disabilities can claim Supplemental Security Income (SSI), and/or Social Security Disability Insurance (SSDI).

    To qualify for SSI, individuals can’t have more than $2,000 in assets, while couples can have up to $3,000.

    For SSDI, the monthly earnings limit is $1,350 for most claimants – but that is boosted to $2,260 if a beneficiary is blind.

  • Josephine Fuller

    Tax refund scams for Hoosiers

    State officials in Indiana are urging Hoosiers to disregard emails, texts, and phone calls regarding Indiana’s tax refunds or inflation relief payments.

    Just note that your refund will only come via direct deposit or paper check.

    Additionally, if you receive anything asking for personal or financial information such as Social Security or bank account numbers make sure to report it immediately.

    You can report it to the Indiana attorney general’s office online by filing a complaint with the office’s consumer protection division.

  • Josephine Fuller

    When your disability worsens, part two

    In 2022, the SSI average benefit is $621 per month this year, up by $34 from 2021. This equals $7,452 each year.

    As far as SSDI goes, the amount you receive is a bit more complicated.

    The benefit amount will depend on the age you became disabled, your employment history (including the average amount of income you once earned), and your period of eligibility.

  • Josephine Fuller

    How scammers work, continued

    Scammers may try to threaten you with arrest if you do not pay a supposed fee or fine.

    Scammers have also sent pictures of fabricated government badges, use false identification numbers and mail using fake Social Security Administration letterhead.

    “The Social Security Administration will never tell someone to wire money, buy gift cards or pay with cryptocurrency,” said Gail Ennis, inspector general at the Social Security Administration.

    “If anyone does ask you that, you know it’s a scam.”

  • Josephine Fuller

    How scammers work

    The acting commissioner of the Social Security Administration Kilolo Kijakazi said scammers use fear in order to get people to act without thinking, during a press call in March.

    Fraudsters use a number of tricks to try to gain important personal information such as your Social Security number or bank account details.

  • Josephine Fuller

    How many scams are reported?

    There were more than 568,000 reports of Social Security-related scam attempts last year, which amounted to over $63.6million in losses to the victims, according to the agency.

    It has already received more than 31,000 Social Security-related scam complaints this year.

    Many more incidents possibly go unreported due to shame or embarrassment, government officials say.

  • Josephine Fuller

    Reporting Social Security scams

    If you suspect an email you got from the Social Security Administration may be fraudulent, you’re urged to avoid responding or clicking on any links in the message.

    The SSA said you should report the email by forwarding it to the US Computer Emergency Readiness Team (US-CERT) at [email protected].

  • Josephine Fuller

    Avoiding Social Security scams

    The Social Security Administration said Americans can avoid fraudulent calls and internet “phishing” schemes by not revealing personal information, clicking malicious links, or opening suspicious attachments.

    The agency said most emails from Social Security will come from a “.gov” email address.

    If an email address does not end in “.gov”, use caution before opening attachments or clicking on pictures or links.

    You can learn more about how to protect your personal information and online account on the administration’s security webpage.

  • Josephine Fuller

    Bipartisan agreement on Social Security reform

    Some studies have shown increasing taxes on the wealthy, raising the payroll as well as raising the retirement age, and trimming benefits for high earners, could help eliminate 95 percent of the shortfall to prevent Social Security depletion.

    survey of more than 2,500 registered voters at the University of Maryland’s Program for Public Consultation found a sample of most Americans agreed.

    Over 80 percent of all voters surveyed agreed more earners should be subject to payroll tax  and receive fewer benefits.

    75 percent thought the retirement age should be raised.

    More modestly, 59 percent of Republicans and 71 percent of Democrats favored increasing the minimum monthly benefit for someone who has worked 30 years from $951 to $1,341.

    53 percent of Republicans and 56 percent of Democrats favored increasing benefits for those over 80 by about 5 percent.

  • Josephine Fuller

    Next COLA could hit double digits, continued

    If inflation slows down and the COLA turns out to be 9.3 percent, the average benefit would increase by $154.

    The COLA for 2022 is set at 5.9 percent.

    Increases are set to take effect in December 2022, and new benefits should be paid out beginning in January 2023.

    The COLA is announced every year by the Social Security Administration (SSA), usually in October.

    This year's level is expected to be confirmed on October 13, after the release of the September inflation data.

  • Josephine Fuller

    Next COLA could hit double digits

    This year's cost of living adjustment, also known as a COLA, could reach double digits amid skyrocketing prices.

    Experts are currently predicting an adjustment of 8.7 percent.

    In the year to August, the consumer price index rose by 8.3 percent, the US Bureau of Labor Statistics announced on September 13.

    Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League (TSCL), said a midground COLA of 8.7 percent, as it's currently estimated to end up at, would increase the average monthly retiree benefit of $1,656 by $144.10.

    The TSCL had previously predicted that even higher inflation could push up the COLA to 10.1 percent, meaning the benefit would go up by just over $167 a month.

  • Josephine Fuller

    Social Security payments coming

    Individuals eligible for Social Security payments will be receiving two payments this month.

    The most recent double payment month happened in April, as the first of the month (the day benefits are normally sent out) landed on a weekend

    It means SSI recipients can expect to get two of the same checks worth up to $1,682 in total in September. 

    The payment schedule will be impacted because October 1 lands on a Saturday.

  • Josephine Fuller

    Can you claim both social security and SSDI?

    An eligible individual cannot collect Social Security retirement and Social Security disability insurance (SSDI) at the same time. 

    However, an individual is allowed to receive SSDI and Supplemental Security Income (SSI) benefits concurrently.

    If you believe you qualify for both SSDI and SSI, you will want to compare the monthly benefits to see which one will give you the most money.

  • Josephine Fuller

    The 10 states ranked lowest to live

    WalletHub ranked the following states the lowest for living due to affordability, economy, education and health, quality of life, and safety.

  • Josephine Fuller

    Top 10 states in which to live

    Some states are better than others – at least according to a study from WalletHub.

    The personal finance publication ranked each state in the nation based on affordability, economy, education and health, quality of life, and safety.

    The following are the top 10 states:

  • Josephine Fuller

    Payments are influenced by COLA

    There are three programs run by the Social Security Administration that are impacted by the COLA each year.

    Along with Social Security, the adjustment boosts yearly benefits for SSI and SSDI claimants.

    In 2022, the average SSI benefit is $621 per month, while the maximum is $841, according to the SSA.

    Meanwhile, it’s a little more complex for SSDI.

    The benefit amount will depend on the age you became disabled, your employment history (including the average amount of income you once earned), and your period of eligibility.

  • Josephine Fuller

    TSCL’s reaction to Inflation Reduction Act

    Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, shared her enthusiasm over the new measures to combat high drug prices that were included in the act.

    The legislation, which was passed by the Senate in recent days, cuts almost $300billion worth of drug prices over 10 years.

    This will reflect in savings for taxpayers and Medicare beneficiaries who have to shell out their share of high prescription drug costs.

    Ms Johnson said: “The cancer of unaffordable drug prices is responsible for financial distress, worsening health, and has even killed some older Americans who don’t have enough resources to pay the price of their prescription drugs today.”

    She added this legislation is highly supported by TSCL.

  • Josephine Fuller

    CPI remained unchanged for one month

    After the long-anticipated consumer prices report for July came in considerably better than expected, stock futures surged and bond rates fell, according to CNBC.

    On an annual basis, prices increased by 8.5 percent in July, a slower rate than in June.

    Inflation was stable month over a month despite a 4.6 percent global reduction in energy costs and a 7.7 percent drop in gasoline prices.

    This lessened the impact of monthly increases in food prices by 1.1 percent and housing expenses by 0.5 percent.

    According to economists surveyed by Dow Jones, the headline CPI was projected to rise by 0.2 percent monthly and 8.7 percent annually, the outlet reported.

    The so-called core CPI increased 5.9 percent yearly and 0.3 percent monthly when volatile food and energy costs were excluded, beating the corresponding predictions of 6.1 percent and 0.5 percent.

  • Josephine Fuller

    SSI explained

    Supplemental Security Income (SSI) is a government program that assists persons who are unable to earn enough money on their own. 

    Adults with disabilities, children with disabilities, and those aged 65 and over are eligible.

    Individuals with sufficient job experience may be eligible for SSI payments in addition to disability or retirement benefits. 

    Likewise, individuals receive different amounts depending on their other sources of income and where they live.

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