Social Security Payments Rising 4.4% in 2022 – Who’s Getting Paid on February 14th?

Washington, D.C. – January saw an increase in the average Social Security check for retirees, with payments rising by 4.4 percent compared to the previous year. This boost was attributed to a 3.2 percent Cost-of-Living Adjustment (COLA) and higher average salaries of retirees claiming benefits over the last year. While the average payment reached over $1,900, it’s important to note that most beneficiaries do not receive a payment of this size. In fact, the median check size for 2022 was $1,590, with only those in the highest quartile receiving payments over $1,900.

Furthermore, the Social Security Administration has already started distributing payments this month. Those who qualify for Supplemental Security Income (SSI), as well as individuals who have been receiving Social Security benefits since before May 1997, have already received their payments. The distribution will continue on Wednesday, 14 February, with payments going out to those with birthdays between the 1st and the 10th of any given month. The remaining payments will be sent out on Wednesday, 21 February, for those with birthdays between the 11th and 20th, and on Wednesday, 28 February, for those with birthdays between the 21st and the 31st.

In light of these developments, the SSA is urging beneficiaries to take full advantage of their online services. By creating a my Social Security account, retirees and future beneficiaries can access their monthly benefit statement and estimate the value of their future checks once they retire. This emphasizes the importance of staying informed and taking control of one’s benefits.

Overall, the increase in Social Security checks and the distribution of payments highlights the ongoing support for retirees and beneficiaries. Through online services and continued updates, the SSA is working to ensure that individuals are well-informed about their benefits and can effectively plan for their future.