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COLA Social Security payment schedule 2022 — Exact date $4,194 direct payment drops fast approaching

How COLA increases your payment by $92 each month
What is inflation and what is the latest US rate?
Who doesn’t receive Social Security explained
Exact dates Social Security, SSI, and SSDI are paid each month in 2022

THE last round of September Social Security checks are dropping next week, and recipients can expect to see up to $4,194.

The Social Security Administration sends out three payments every month.

Recipients receive their benefits depending on when their birthday lands.

Those born before the 20th have already received their September Social Security checks and anyone born after the 21st can expect theirs on September 28.

This year's maximum Social Security benefit is $4,194 per month, with the average amount at $1,657.

Those who also receive Social Security Disability Insurance can expect their payments on the same schedule.

Read our COLA blog for more news and updates...

  • Sophie Gable

    Federal minimum wage

    The federal minimum wage for covered employees is currently $7.25 per hour, which hasn’t been raised since 2009.

    It’s the longest period of time without an increase since the Roosevelt administration implemented it in 1938.

    Previous changes to the rates meant the rate increased to $5.85 in 2007, $6.55 in 2008, and finally to $7.25 in July 2009.

  • Sophie Gable

    How COLA could change under new Congressional bill

    Representation John Larson has introduced a new Social Security bill that changes how the COLA is calculated.

    Under the current system, the COLA is determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI).

    Social Security advocates have criticized this process because the CPI does not fully represent the financial responsibilities of seniors.

    Larson's bill would change calculations based on the Consumer Price Index for the Elderly instead.

    According to Larson's official website, the bill also sets a new minimum benefit and would change how payroll taxes are collected.

  • Sophie Gable

    Cost of living crisis - how it impacts students

    The cost of living crisis is hitting multiple demographics, including students.

    The BBC reports some university students feel forced to choose between social life and buying food.

    Zoe Jones, a second-year college student said the decision impacted a massive part of the university experience.

  • Sophie Gable

    COLA applies to veterans

    Military retirees and veterans with disabilities will also receive a COLA increase.

    According to the VA 5.2million veterans received disability compensation, with an annual benefit of $18,858 in 2020.

    In 2021, the Department of Defense released a report showing nearly 1.9million veterans received military retirement benefits.

  • Sophie Gable

    Fed to boost unemployment to fight inflation, part three

    CBS reports the fed projects the unemployment rate to rise to 4.4% next year, from 3.7% today, in order to fight inflation.

    Some economists think that is what is needed.

    “[With] the Fed’s third consecutive 75 basis point rate hike over the past four months, market participants should be looking for cover to weather the upcoming storm,” Charlie Ripley, senior investment strategist at Allianz Investment Management, said in an email to CBS.

    “Overall, today’s policy action is largely reflective of the economic backdrop, and in order to slow the economy the Fed clearly has to be aggressive

  • Sophie Gable

    Fed to boost unemployment to fight inflation, part two

    CBS reports the fed projects the unemployment rate to rise to 4.4% next year, from 3.7% today, in order to fight inflation.

    1.2million people could lose their jobs.

    However, if people are out of work and spending less, it could help inflation.

    “I do anticipate that accomplishing price stability will require slower employment growth and a somewhat higher unemployment rate,” Susan Collins, president of the Federal Reserve Bank of Boston, said.

    “And I take very seriously that unemployment is painful, and that its costs have been disproportionately concentrated among groups that have traditionally been marginalized.”

  • Sophie Gable

    Fed to boost unemployment to fight inflation

    CBS reports the fed projects the unemployment rate to rise to 4.4% next year, from 3.7% today, in order to fight inflation.

    “There will very likely be some softening of labor market conditions,” Fed Chair Jerome Powell said September.

    “We will keep at it until we are confident the job is done.” 

  • Sophie Gable

    McDonald’s President speaks on CA minimum wage bill, part two

    California recently passed a minimum wage bill that would allow fast food workers to earn up to $22 per hour.

    Joe Erlinger the President of McDonald’s USA, who said he supports increasing the minimum wage, spoke out against the bill in a letter posted Wednesday.

    “Putting aside so many problems with the bill, it could require single-location franchise owners of these large chain restaurants to pay workers $22 per hour by as early as 2023—40% more than the current hourly wage in California,” he said

    “Aggressive wage increases are not bad. McDonald’s, for instance, operates very successfully in high-wage environments across the country and around the world, and in places that require more than $22 in all restaurants.

    “But if it’s essential to increase restaurant workers’ wages and protect their welfare – and it is – shouldn’t all restaurant workers benefit?

    “This lopsided, hypocritical and ill-considered legislation hurts everyone.”

  • Sophie Gable

    McDonald’s US President speaks out against CA minimum wage bill

    California recently passed a minimum wage bill that would allow for fast food workers to earn up to $22 per hour.

    Joe Erlinger the President of McDonald’s USA, who said he supports increasing the minimum wage, spoke out against the bill in a letter posted Wednesday.

    “If You are a small business owner running two restaurants that are part of a national chain, like McDonald’s, you can be targeted by the bill,” he said.

    “But if you own 20 restaurants that are not part of a large chain, the bill does not apply to you.

    “For unexplainable reasons, brands with fewer than 100 locations are excluded. Even more mystifying, the legislation excludes certain restaurants that bake bread. I can only conclude this is the outcome of backroom politicking.”

  • Sophie Gable

    Negative impacts of a high COLA, continued

    In another survey, 37 percent of participants reported receiving low-income assistance in 2021.

    This is more than double the 16 percent that was receiving this assistance prior to the pandemic.

    These findings suggest the pandemic and inflation have caused a significantly higher amount of adults living on a fixed income to turn to other supplemental programs.

  • Sophie Gable

    Negative impacts of a high COLA

    Boosts in benefits are not always welcomed, as some of them can push people out of the income threshold required for other assistance programs.

    A study done by The Senior Citizens League from May to July showed that 14 percent of participants had their low-income assistance reduced due to their COLA.

    Another 6 percent had lost access to one or more programs when the COLA boosted their income over the allowed limit.

  • Leah Chiappino

    Can you fully rely on Social Security benefits?

    On average, Social Security payments only account for about 40 percent of your pre-retirement income.

    So it’s important to have other money saved up for retirement.

    How much you receive from Social Security benefits will depend on your income.

  • Leah Chiappino

    Bipartisan agreement on Social Security reform

    Some studies have shown increasing taxes on the wealthy, raising the payroll as well as raising the retirement age, and trimming benefits for high earners, could help eliminate 95 percent of the shortfall to prevent Social Security depletion.

    survey of more than 2,500 registered voters at the University of Maryland’s Program for Public Consultation found a sample of most Americans agreed.

    Over 80 percent of all voters surveyed agreed more earners should be subject to payroll tax  and receive fewer benefits.

    75 percent thought the retirement age should be raised.

    More modestly, 59 percent of Republicans and 71 percent of Democrats favored increasing the minimum monthly benefit for someone who has worked 30 years from $951 to $1,341.

    53 percent of Republicans and 56 percent of Democrats favored increasing benefits for those over 80 by about 5 percent.

  • Leah Chiappino

    States Minimum Wage and changes for 2023, continued

    New Jersey is raising the minimum wage to $14 at the start of 2023 from the previous total of $13.

    New Mexico is raising its minimum wage 50 cents from $11.50 to $12.00 for workers starting January 1, 2023.

    Rhode Island is increasing its minimum wage by 75 cents from $12.25 and will pay workers $13 starting in 2023.

  • Leah Chiappino

    States Minimum Wage and changes for 2023

    Massachusetts currently offers a $14.25 minimum wage to workers but plans to raise that amount to $15 at the start of 2023.

    Michigan plans to increase the minimum wage from $9.87 to $10.10 on January 1, 2023.

    Missouri will raise the total of their minimum wage to $12 from the $11.15 total in 2022.

  • Leah Chiappino

    Retirees should reduce stock risks

    Retired financial advisor Bill Bengen suggests that retirees should reduce their risks with stocks and bonds.

    The financial advisor recommends having cash or other assets that produce income until the price of stocks becomes cheaper.

    “Wait for better values in both stocks and bonds, and then put the cash to work,” he told Think Advisor

  • Leah Chiappino

    Women hit hardest by cost of living increase

    The World Economic Forum in Geneva, Switzerland reported that women will bear the brunt of the higher cost of gas and food, due to inflation, the Associated Press reported.

    The Forum projects that it will take 132 years for the world to reach gender parity, which they say means equality in salaries and economic opportunity, education, health, and political empowerment.

    The managing director of the forum, Saadia Zahidi, said the COLA disparity comes after women left the job market during the pandemic to care for kids and the elderly.

    “In face of a weak recovery, government and business must make two sets of efforts: targeted policies to support women’s return to the workforce and women’s talent development in the industries of the future,” she said.

    “Otherwise, we risk eroding the gains of the last decades permanently and losing out on the future economic returns of diversity.”

  • Leah Chiappino

    Low-wage workers face many struggles

    Low-wage workers are feeling the impacts of financial stress as costs continue to rise.

    A Financial Health Network’s report categorizes low-income jobs as those that pay less than $17 per hour, or up to $35,360 in an annual salary.

    Most low-wage workers face struggles saving, receiving adequate insurance coverage, and are finding it difficult to pay for essentials.

    The report also found that roughly 13 percent of low-wage workers say they are financially healthy

  • Leah Chiappino

    When is Social Security deposited?

    Social Security recipients will see their money direct deposited every month.

    Retirees born between the first and 10th of the month will be sent their next Social Security payment on the second Wednesday of the month.

    Those born between the 11th and 20th of the month will be sent checks on the third Wednesday of the month.

    Benefits are paid out on the fourth Wednesday of the month to Americans who were born between the 21st and 31st.

  • Leah Chiappino

    Tax income limit

    Beneficiaries must have also earned the Social Security taxable minimum to be in line for the bumper sum.

    In 2022, the wage cap is $147,000 - which is up from $142,800 in 2021 – an increase of $4,200.

    To give some perspective, in 2017, the Social Security wage cap was $127,200.

    To get the maximum benefit, senior citizens must have been a high earner throughout their time in employment.

  • Leah Chiappino

    States with the lowest cost of living

    Below are the top 10 cheapest states to live in and how their cost of living compares to the national average, according to Insure.com.

  • Leah Chiappino

    States with the highest cost of living

    Below are the top 10 most expensive states to live in and how their cost of living compares to the national average, according to Insure.com.

    1. Hawaii (+88.29%)
    2. District of Columbia (+56.87%)
    3. New York (+48.30%)
    4. California (+46.12%)
    5. Alaska (+26.07%)
    6. Maryland (+25.24%)
    7. Oregon (+24.02%)
    8. Massachusetts (+21.61%)
    9. New Hampshire (+19.91%)
    10. Washington (+19.11%)
  • Leah Chiappino

    When did Social Security begin?

    Franklin D. Roosevelt signed the Social Security Act on August 14, 1935, according to the Social Security Administration.

    In January 1937, taxes were initially collected, and the first one-time lump-sum payments were paid in the same month.

    In January 1940, regular monthly rewards were established.

  • Leah Chiappino

    What predicted 2023 COLA could do for you

    Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League (TSCL), told The U.S Sun a midground COLA of 8.7 percent, as it's currently estimated to end up at, would increase the average monthly retiree benefit of $1,656 by $144.10.

    The TSCL had previously predicted that even higher inflation could push up the COLA to 10.1 percent, meaning the benefit would go up by just over $167 a month.

    Johnson told The Sun an 8.7 percent COLA would be "extremely rare" and the highest ever received by most beneficiaries alive today.

  • Leah Chiappino

    Biden on minimum wage

    In 2020, President Joe Biden said he would push for a $15-per-hour minimum wage and rejected the idea that it would hurt small businesses.

    He added that being paid $6 or $7 an hour was below the poverty line no matter where you live in America.

    However, legislation sponsored by Senator Bernie Sanders and others to lift the rate to $15 an hour failed in Congress.