See exact dates of the new August $1,657 direct payment drop in the COLA Social Security payment schedule for 2022

Within the next few weeks, Social Security beneficiaries will receive the latest round of cost-of-living-adjustment checks.

The 5.9 percent COLA increase for Social Security recipients in January was the largest since 1982.

Each month, the Social Security Administration (SSA) sends out payments on three different

Wednesdays - the second, third, and fourth. When you receive your benefits depends on your birthday.

3. August 24 if your birthday is the 21st or later

2. August 17 if your birthday is between the 11th and 20th

1. August 10 if your birthday is between the 1st and 10th

Those filing jointly and collecting the average Social Security benefit of $1,657 will receive a combined boost of $3,314.

Social Security administers the Primary Insurance Amount in the United States.

Primary Insurance Amount, explained

In order to qualify for Social Security payments, the beneficiary must have worked for at least 10 years and paid the Federal Insurance Contributions Act tax.

The next COLA increase will be announced in October at the end of the third quarter, amid inflation costs.

Experts predict COLA for 2023

The Senior Citizens League's Mary Johnson predicts a COLA of at least 9.8 percent and as high as 11.4%.

Fortune Magazine reported that the COLA may also be nearly eleven percent

According to the Committee for a Responsible Federal Budget.

According to the CRFB, the low end of the range could be as low as 7.3 percent.

Swipe Up to Read More Stories

Swipe Up