One thing that is clear within the United States is that Social Security is a very necessary administration. Many people receive money solely from this entity, so it is important to American society. Former workers who have retired to collect the monthly benefit check may see that there are monthly changes. Still, if you are not collecting this benefit it is also in your best interest to know it. It is better to get as much information as possible for your future.
Although it may seem like something totally static, Social Security can have monthly changes, especially in the aspect of paydays. For that reason, it is important that you are up to date all the time. It does not matter, as previously mentioned, whether you are already collecting your Social Security benefit or not. These changes are important for everyone. With this information you can know how SSA works to avoid problems in the future when you decide to claim your retirement.
Inflation and Social Security
One of the most important changes is the increase in Social Security because of inflation. It is true that the increase in the retirement or disability benefit is not made on a month-to-month basis. But the monthly changes in prices and CPI-W have a direct influence. Thus, any change in inflation is important in knowing the final figure in the COLA increase for the following year.
In 2022 we have inflation above 9%, which suggests that by next year we will have a COLA increase of at least that amount. However, that change is not announced until October, so we will have to wait to know for sure. After the increase is announced, there are no other COLA-related changes, but there may be retirement benefit increases through other methods.
The payout days for SSA check money
There are many people who think that Social Security payments are always made on the same day. This is far from the truth. The Administration sends out payments on different days. The day of your birthday is important in knowing when you will receive your retirement or disability benefit payment. And it is not the only type of payment, as Supplemental Security Income (SSI) is received on a completely different day.
For SSI payments, we always look at the 1st of the month. Every 1st of the month that is not a holiday or weekend, you will receive your SSI benefit. If we are talking about the usual retirement or disability benefit, the scheme is always the same, although the number of the day changes. For people born between the 1st and 10th of the month, the second Wednesday of the month is the payment day. On the other hand, the third Wednesday of the month is the official day for Social Security to send payment to people born between the 11th and 20th of the month. Finally, people born between the 21st and 31st receive their money on the fourth Wednesday of the month.