Social Security checks are coming to Americans starting on January 11th.
The first payments of the year will be up to $4,194.
The first Social Security retirement payments of the year worth up to $4,194 will be paid to recipients starting Wednesday.
The Social Security Administration’s payments are scheduled to go out on Jan. 11 and will be sent to recipients born between the 1st and 10th of a month. The retirement benefits the SSA pays to recipients every month always begin on the second Wednesday of the month, according to the administration’s calendar.
The payments from the SSA are paid to recipients in waves of three, and some recipients get paid later in the month.
People whose birthdays fall between the 11th and 20th of a month will receive the payment on Jan. 18, and recipients whose birthdays fall between the 21st and 31st of a month will be paid last on Jan. 25.
Due to record-high inflation, the Social Security Administration announced a cost of living adjustment of 8.7%.
In October, the agency announced that due to decades-high inflation, its cost-of-living adjustment would increase by 8.7 percent. It means the average recipient will receive more than $140 extra a month beginning in January, the SSA said Thursday.
“This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” said the Social Security Administration’s acting commissioner, Kilolo Kijakazi, at the time.
President Joe Biden at the time echoed the sentiment that the Medicare premium reduction would have some impact on retirees’ wallets. “Seniors are gonna get ahead of inflation next year,” Biden said. “For the first time in 10 years, their Social Security checks will go up while their Medicare premiums go down.”
About 70 million people—including retirees, disabled people, and children—receive Social Security benefits. It was the biggest increase in benefits that baby boomers, those born between the years 1946 and 1964, have ever seen. The last time a cost-of-living adjustment was higher was in 1981, at 11.2 percent.
Meanwhile, the Biden administration is making life worse for everyday Americans.