Jit next turn Social security checks is expected to start from this week after the country’s Independence Day celebration.
Recall that since last May, the consumer price index for all urban consumers (CPI-U) has increased by 1.0% and the index for all items has increased by 8.6%. over the past 12 months.
On the other hand, high inflation has led to a 5.9% increase in the Social Security cost of living for this year, the highest in nearly four decades.
This increase came into effect on January 1 for Social Security recipients and on December 30, 2021 for Complementary security income (SSI) beneficiaries.
Social Security calendar for July
– If your date of birth is from the 1st to the 10th of the month, your payment is distributed on Wednesday July 13th.
– If your date of birth is from the 11th to the 20th of the month, your payment is distributed on Wednesday July 20th.
– If your date of birth is from the 21st to the 31st, your payment is distributed on Wednesday July 27th.
An important point people should know is that they may also be eligible for Supplemental Security Income (SSI) if Social Security is not enough to cover their basic living expenses.
In addition, the SSI program sends monthly payments to financially eligible disabled (or blind) adults and children.
It should be noted that SSI is also available to people over the age of 65 who have limited income and financial resources.
According to information from CBS News, it is likely that by the end of this year, due to inflation, recipients will likely receive a COLA “closer to 8%”.
In this sense, at the beginning of 2023, the beneficiaries will benefit from an increase of $132.64 per month, bringing the average check to $1,790.