You have worked hard your entire life and paid into Social Security, so it is important to know what to expect when you retire. In summer of 2022, the Social Security program will experience a few changes.
According to Yahoo! News, it’s important to keep an eye on inflation this summer. Inflation may seem small, but over time, it can deplete the value of your benefits. 2023’s cost-of-living adjustment (COLA) will be based on the inflation rate from the third quarter of 2022. The Social Security Administration usually announces the COLA in October for the following year.
Other things to know about Social Security in summer 2022 include:
- Those born between the 1st and the 10th of the month will start receiving benefits on the second Wednesday of the month.
- Individuals born between the 11th and the 20th of the month will start receiving benefits on the third Wednesday of the month.
- And finally, those born between the 21st and the 31st of the month will start receiving benefits on the fourth Wednesday of the month.
At The Seniors Center, we want to make sure that you are getting the most out of your Social Security benefits. Be sure to follow us on Twitter and Facebook for more updates on Social Security and other important news for seniors!