The Social Security Administration (SSA) recently released its 2022 calendar, showing when recipients can expect to receive their benefit payments in the coming year.
The benefits will be paid out on a different day of the month based on the beneficiaries’ birthdays.
Any birthdays that fall between the first and the 10th will be paid on the second Wednesday of each month. Those born between the 11th and 20th will be paid on the third Wednesday of the month. And those born between the 21st and 31st will be paid on the fourth Wednesday of the month.
If you are expecting Social Security payments, but are struggling with your monthly expenses, consider taking out a personal loan to help pay down high-interest debt. Visit Credible to compare lenders and find your personalized rate.
Exceptions to benefit payment schedule
As 2022 nears and beneficiaries await their first payment of the new year, the SSA noted there are several exceptions to the new schedule. For example, payments are sent on the third of each month when:
- You first filed for benefits before May 1997
- You are receiving a Supplemental Security Income (SSI) and Social Security payments
- The state pays for your Medicare premiums
- You live in a foreign country
For those who receive SSI benefits but do not get Social Security payments, their scheduled payment date will be on the first of each month.
If you rely on Social Security benefits and are waiting for the new payment schedule to start in 2022, you can take out a personal loan now to help meet your monthly expenses. Visit Credible to compare multiple lenders at once and choose the lender with the best personal loan rates for you.
Social Security benefits to increase in 2022
Social Security benefits are set to increase next year by their highest rate in about 40 years, rising 5.9% from 2021 due to this year’s cost-of-living adjustment (COLA). SSI beneficiaries will begin getting the increased checks at the end of December or in January 2022. The COLA is determined using the Consumer Price Index (CPI) inflation measurement tool from the Bureau of Labor Statistics (BLS).
For comparison, Social Security increased payments by 1.3% for 2021. In fact, 2022’s increase will be the highest since a 7.4% boost in 1982.
However, questions have already been raised as to whether 2022’s increase will be enough. The latest Consumer Price Index (CPI) showed inflation jumped 6.2% annually in October, leading experts to question whether seniors can meet basic expenses in the year ahead.
If you are struggling to pay for your expenses before next year’s planned Social Security increase, consider taking out a personal loan to help pay down debt. Contact Credible to speak to a personal loan expert and get all of your questions answered.
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