MORE CASH! Next Month’s Social Security Payment Schedule | SSI, SSDI, SSA, Seniors July 2022 Update

MORE CASH! Next Month’s Social Security Payment Schedule | SSI, SSDI, SSA, Seniors July 2022 Update
The next round of Social Security checks are scheduled to go out in early July. In May, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 1.0% and the all items index increased 8.6% over the last 12 months. Rising inflation has pushed the Social Security cost-of-living increase to 5.9% for 2022, the largest in nearly 40 years. This increase went into effect on Jan. 1 for Social Security beneficiaries and Dec. 30 for Supplemental Security Income (SSI) beneficiaries. You may also qualify for Supplemental Security Income (SSI) if Social Security isn’t enough to cover your basic living expenses. The SSI program sends monthly payments to adults and children with a disability (or blindness) who meet financial qualifications. SSI is also available to those 65 years and older who have limited income and financial resources. If you received Social Security before May 1997 — or if you’re receiving both Social Security and SSI — then you will receive both your Social Security and SSI payment on July 1.An official with the Social Security Administration said beneficiaries are likely to receive a COLA “closer to 8%” at the end of 2022 due to the current rate of inflation, CBS News reported. Beneficiaries could see an increase of $132.64 per month in early 2023, bringing the average check to about $1,790.

Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.