Social Security in the United States is not a static organization. The variables handled by the Administration are many and it is always in constant movement. All these changes are made so that the people who collect a pension have the best possible conditions. Social Security takes into account the COLA, inflation, CPI-W and many other factors. It is the only way that everyone can live with peace of mind.
For that reason, it is important to always be up to date with as much information as possible. During the summer things will happen that will cause next year’s benefits to change, so it’s best to keep those changes in mind and be aware of all the movements that may occur over the next few months. Let’s see what happens to Social Security in the summer of 2022.
Inflation and the COLA
By next year 2023 the COLA will take place again, just like every year. This increase will depend on inflation in the coming months. The CPI-W determines what the COLA increase is for 2023. The Social Security Administration does this by the increase for the months of July, August and September.
The COLA announcement for 2023 is announced in October 2023. We cannot know the exact number of the increase, but we can get an idea. We need to look at the CPI-W from July to September. Knowing this number, we will know the approximate COLA increase for 2023 Social Security pensions.
Social Security payments in the summer
The timing of Social Security payments in the summer has already been determined. During the months of July, August and September you will be able to collect your benefit on the usual dates, all depending on what day of the month you were born. Don’t forget that payments are always made on Wednesdays, so pay attention to the following information.
- For people born between the 1st and 10th of the month: July 13, July 10 and September 14. You will receive your Social Security payment on these dates.
- People born between the 11th and 20th: July 20, August 17 and September 21. On those days they will receive their benefit payment.
- All persons born between the 21st and 31st: July 27th, August 24th and September 28th. These are the days on which you will receive the Social Security benefit.
With this information, you know which days of the summer you will receive your Social Security benefit, so you can keep your expenses under control and have peace of mind waiting for your monthly payment.