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Here’s when Social Security COLAS go into effect

The average Social Security benefit is going up about $93 per month in 2022. This article by Aimee Picchi of CBS News notes when folks should expect that. Payment dates are determined by a recipient’s birthdate: 

• People born on the 1st through the 10th of the month will get their COLA-adjusted checks on January 12
• People born from the 11th to the 20th of the month will get their checks on January 19
• And those born after the 20th of the month will get their payment on January 26

The Social Security Administration mailed notices to all recipients in December to alert them to their COLA increase, but the information can also be found online in the message center in their my Social Security account. 

The piece here also notes the biggest mistake people make with Social Security— taking benefits before age 70. Picchi quotes Laurence Kotlikoff, economics professor at Boston University who has a new book due out this month “Money Magic” — which gives detailed advice on the program— “only 6% wait until they are 70, and 80% should.” Full piece here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.

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