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.
Here is the July Social Security schedule:
If your birth date is on the 1st-10th of the month, your payment is distributed on Wednesday, July 13.
If your birth date is on the 11th-20th, your payment is distributed on Wednesday, July 20.
If your birth date is on the 21st-31st, your payment is distributed on Wednesday, July 27.
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.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Social Security Schedule: When July 2022 Benefits Will Be Sent