The second batch of Social Security, representing the new 5.9% cost of living adjustment, was mailed out this week, and beneficiaries are now anticipating the third, which will arrive in March. In the last forty years, COLA benefits were considered the greatest. However, a better time than this cannot be witnessed.
In the present scenario, the rate of inflation occurring in the U.S is happening at a rate of 7.5 percent. It is also predicted that inflation will continue to rise due to the adverse effects of the ongoing pandemic, or COVID-19 outbreak, along with chain concern supply produced in rage.
The Social Security payout schedule for March is as follows:
- If an individual’s date of birth falls between the 1st and 10th of the month, the reward will be provided on March 9, the second Wednesday.
- If an individual’s date of birth falls between the 11th and 20th, their money will be provided on March 16, the third Wednesday.
- If an individual’s date of birth falls between January 21 and December 31, your payment will be provided on March 23, the third Wednesday.
If you believe your monthly Social Security check is insufficient to satisfy your basic requirements, then the individual can be capable enough to be eligible for Supplemental Security Earnings. Here, the individual can receive a SS check, which will be distributed to him every month. Moreover, the first payment of SSI was initiated on March 1, 2022.
If you started receiving Social Security on or before May 1997, or if you get both, your SSI payment should have arrived on March 1 and the Social Security check on March 3.
COLA Forecast 2023
Due to the greater inflation rate than the COVID-19 epidemic, the (COLA) cost-of-living adjustment for 2022 reached a 40-year high of 5.9%. However, this percentage is anticipated to reduce in 2023, reports AOL.com.
So far, five months into the measuring period leading up to the January 2023 COLA for pensioners, it stands at 3.9 percent, a two percent decline. However, the inflationary index used to compute the adjustment has increased by 0.9 percentage points since February.