The fourth phase of Social Security benefits are about to be delivered; reports GoBankingRates.
In 2022, the cost-of-living adjustment (COLA) for almost 64 million Social Security beneficiaries increased to 5.9%, the highest increase in nearly 40 years. For Social Security recipients, the rise took effect on January 1st, while for Supplemental Security Income (SSI) recipients, it took effect on December 30th.
The hefty rise in Social Security’s COLA is due to rising inflation; the annual inflation rate in the United States surged to 7.9% in February 2022, and an upwards pressure on consumer prices is anticipated to reduce anytime soon.
Social Security Schedule For April
- Your money is delivered on Wednesday, April 13 if your birthday falls between the 1st and 10th of the month.
- If you were born between the 11th and the 20th of April, your reward will be paid on Wednesday, April 20
- If your birthday falls between the 21st and the 31st of April, you will receive your payout on Wednesday, April 27.
If your Social Security benefits are insufficient to meet your basic requirements, you may be eligible for Supplemental Security Income (SSI). The Supplemental Security Income (SSI) program provides monthly payouts to adults and children with disabilities (particularly, blindness) who meet certain financial criteria. SSI is also offered to people aged 65 and up with restricted earnings and financial resources.
If you collect Social Security before May 1997, or if you get both Social Security and SSI, your Social Security and SSI payments will be combined on April 1. On April 29, a second SSI payment will be made.
Do you have questions about your benefit payments or Social Security statements? You can use my SocialSecurity to view the status of the application, predict future payments, monitor benefits you already have, and much more.