Social Security releases a new round of checks with a 5.9% increase due to COLA



Social Security cards are issued by the Social Security Administration.


© Justin Sullivan
Social Security cards are issued by the Social Security Administration.

This Wednesday, January 26, the Social Security Administration (SSA) is supposed to release the third round of enlarged monthly checks under the Cost of Living Adjustment (COLA) of 5.9% which he announced last October.

Traditionally, the agency distributes the payments based on recipients’ birthdays.

That is, the first to receive the incentive are those who have a birthday between days 1 and 10, regardless of the month in which they were born.

On the second monthly installment, Social Security processes checks to birthdays between the 11th and 20th. And on the third monthly installment, it sends payments to people whose birth dates are between the 21st and 31st.

La SSA disburse payments once a week, on Wednesdays.

The first checks that came out were on January 12 those who have a birthday between days 1 and 10, regardless of the month of birth.

Last week or on Wednesday, January 19, according to the calendar published by GoBankingRates.com, people with birthdays between 11 and 20 should have received the deposit.

While today, birthdays between the 21st and 31st are supposed to start receiving the funds.

Most payments from Social Security programs are made by electronic transfers.

Under the aforementioned increase, the average increase per check would be $92 per month for a total maximum benefit of about $1,657, according to Social Security.

Since October 13 of last year, the entity has not updated its data on the delivery of checks increased by COLA from January.

The increase per COLA is determined each year based on available data from the Consumer Price Index for Urban Wage and Clerical Workers (CPI-W) through the third quarter.

The increase seeks to help retirees deal with the effects of inflation and the increase in the cost of products and services.

It may interest you:

The online tool to find out how much more money you will receive for a 5.9% increase in Social Security checks

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See article in El Diario NY

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