It was just this month that beneficiaries received their first of two round Social Security payments reflecting the new 5.9 percent cost of living adjustment. They are now waiting for their second check, which will arrive somewhere in February.
In the case of individuals eligible for the adjustment, the rise will be the highest in almost 40 years, and it couldn’t come at a better moment for them. According to the latest figures, inflation is now around 7 percent and is anticipated to climb as the epidemic continues.
The following is the Social Security payment schedule for February:
- If your birthday falls between the 1st and 10th of the month, your payment will be issued on the second Wednesday of the month, February 9.
- If your birthday falls between the 11th and 20th of the month, your reward will be given on the third Wednesday of February, on February 16.
- If your birthday falls between January 21 and December 31, your payment will be given on the third Wednesday of the month, February 23.
Consider the following scenario: you believe that Social Security does not give enough money to cover your necessities.
As a result, you may be qualified to apply for Supplemental Security Income, which would allow you to earn an extra benefit on top of your regular Social Security check. The first payment of SSI will be made on February 1.
Consider the following scenario: you started receiving Social Security benefits before May 1997 or get both Social Security and Supplemental Security Income (SSI). If this is the case, you will get your Supplemental Security Income payment on February 1 and your Social Security payment on February 3.
By establishing your account, you can keep track of your benefit payments, statements, and other Social Security problems.
It will provide you with access to your Social Security account at any time of day or night, as well as the ability to get benefit statements and verification letters on the spot, as well as take care of the majority of administrative tasks from the comfort of your own home.