The next round of Social Security checks is due to go out in early May. Approximately 64 million Social Security beneficiaries are seeing the largest cost-of-living adjustment increase in nearly 40 years — 5.9% — in 2022. This increase went into effect on Jan. 1 for Social Security beneficiaries and Dec. 30, 2021 for Supplemental Security Income beneficiaries.
COLA increases are usually not so large, but the annual inflation rate in the U.S. is on the rise, accelerating to 8.5% in March, and could edge even higher.
Here is the May Social Security schedule:
If your birth date is on the 1st-10th of the month, your payment is distributed on Wednesday, May 11.
If your birth date is on the 11th-20th, your payment is distributed on Wednesday, May 18.
If your birth date is on the 21st-31st, your payment is distributed on Wednesday, May 25.
The full 2022 schedule for benefit payments can be found on the Social Security Administration’s schedule here.
You may qualify for SSI if your monthly Social Security benefits aren’t enough to cover basic expenses. The SSI program sends monthly payments to adults and children who have blindness or another disability and 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 — you will receive your Social Security on May 3.
You can easily check on your benefit payments and Social Security statements by creating a My Social Security account here. Through your online account, you can check the status of an application, estimate future benefits, manage the benefits you already receive and more.
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This article originally appeared on GOBankingRates.com: Social Security Schedule: When Benefits Will Arrive in May 2022