When the October 2022 benefits will be sent
The Social Security payment schedule for October 2022 will work as usual for most people, although recipients eligible for Supplemental Security Income (SSI) will not receive payment due to a quirk in the payment schedule. payments.
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Since SSI recipients received two checks in September, no checks will be sent in October. For all other Social Security recipients, October payments will follow the normal schedule. Here’s a quick overview:
If your date of birth falls between the 1st and 10th of the month, your payment will be distributed on Wednesday, October 12.
If your date of birth is between the 11th and 20th, your payment will be distributed on Wednesday, October 19.
If your date of birth is from the 21st to the 31st, your payment will be distributed on Wednesday, October 26th.
The average Social Security benefit for 2022 is $1,657 per month, CNET reported. This amount is expected to increase significantly in 2023 thanks to this year’s high inflation rate. The latest estimate for the 2023 cost of living adjustment (COLA) is 8.7%, according to the Senior Citizens League, a nonpartisan seniors advocacy group. That would be the highest COLA in more than 40 years and bring the average benefit to around $1,800 per month in 2023.
As GOBankingRates previously reported, the average Social Security payment could reach $2,112 per month by 2030 if COLA trends follow the same pattern they have since 2001, when the average monthly payment was than $874.
Some recipients are eligible for SSI if Social Security checks are not enough to cover basic living expenses. The SSI program is overseen by the Social Security Administration and provides monthly payments to adults and children with disabilities or who are blind whose income and resources are below specific financial limits. SSI payments are also made to people age 65 and older without disabilities who meet the financial requirements.
According to the SSA website, SSI benefits are generally paid on the 1st of the month, unless the 1st falls on a weekend, in which case payments will be issued on the Friday before the 1st. Two SSI checks are sent in April, September and December, while no checks are sent in January, May and October.
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If you don’t receive your payment on the due date, the Social Security Administration says to allow three more days for mailing before contacting the agency.
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This article originally appeared on GOBankingRates.com: Social Security Calendar: When October 2022 Benefits Will Be Sent