Social Security checks are scheduled to go out in early August. Rising inflation has pushed the Social Security cost-of-living increase to 5.9% for 2022, the largest in nearly 40 years, and it’s expected to be even higher for 2023.
Here is the August Social Security schedule:
If your birth date is on the 1st-10th of the month, your payment is distributed on Wed, Aug. 10.
If your birth date is on the 11th-20th, your payment is distributed on Wed, Aug. 17.
If your birth date is on the 21st-31st, your payment is distributed on Wed, Aug. 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 a disability (or partial or complete blindness) that prevents the ability to work. Recipients of SSI must still meet financial qualifications. SSI is also available to those 65 years and older who have limited income and financial resources.
If you received Social Security before May 1997, or if you’re receiving both Social Security and SSI, then you will receive Social Security on Aug. 3 and SSI on Aug. 1. If you don’t receive your payment on your scheduled date, the Social Security Administration says to allow three additional mailing days before contacting the agency.
The average Social Security check amount for all beneficiaries as of June 2022 is about $1,542, while SSI recipients receive about $623 per month. The latest estimates reveal that the COLA for 2023 could be as high as 10.5% due to inflation rates. A 10.5% COLA would mean a $175.10 increase to 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 August 2022 Benefits Will Be Sent