With the news surrounding new COLA increases to monthly social security benefit checks, the remaining payments for the start of the year can be a bit confusing.
Social Security recipients will see larger checks starting January 2022 as a result of a 5.9% increase from the new cost of living adjustment.
This is not to be confused with the remaining payments in 2021, which will be paid as regularly scheduled and amounted payments with checks earlier in the year. This means that whatever you have been receiving throughout the year will continue to be the amount you receive in your benefit check for the remainder of the year.
The next scheduled Social Security payment in 2021 is Wednesday, Jan. 12 for those with birth dates between the 1st and 10th of the month.
Following payments will be on Jan. 19 for those whose birthdays are between the 11th and the 20th and then on Jan. 26 for those whose birthdays are between the 21st and the 31st.
Social Security Income payments will be paid on Dec. 30 for all those who are eligible.
Users can apply for social security benefits online now through the mySocialSecurity function. For the first time, users can log on and take care of almost most of their benefits needs entirely online. You can apply for benefits, but just as importantly, you can also check your benefits estimator as a prediction of how much your monthly benefit check will be.
This can help plan for retirement and aid either present retirees or those planning to retire soon in the future in balancing other investments — or deciding not to take benefits yet at all. You can sign up for an online account here. You will be asked for personal identification documents through the ID.me partner site. Once you have access you will be able to clearly see your payment schedule and estimator of future benefit payments (including COLA increases) all through your online account.
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