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Here Are The Specifics Of When You Will Receive Social Security COLA In July And August

Recession
Source- GoBankingRates

Inflation in the United States in 2022 was the strongest in four decades, and the growing cost of fuel, food, and monthly utilities left many Americans in a precarious financial situation. However, Social Security recipients who are retired were particularly badly impacted since the 5.9% COLA that was applied to payments last year was insufficient to keep up with inflation.

Social Security COLA

Social Security COLA; Source- Forbes

Difference Between Social Security Benefits Of 2022 And 2023

In other words, in 2022, Social Security beneficiaries’ purchasing power decreased. Thankfully, the system is built to course right, and it did so successfully. The record 8.7% COLA for Social Security benefits in 2023 represents the greatest increase for pensioners in over forty years. Undoubtedly a lifesaver, that increased revenue has the potential to recover any purchasing power that benefits may have lost the previous year. However, it also carries some unfavorable information. Unfortunately, beneficiaries of Social Security will probably receive a significantly lesser boost the following year after earning two abnormally substantial COLAs in quick succession.

Most people get their social security payments on the third of every month, yet not everyone does. Social Security payouts are sent at different times each month depending on a variety of reasons, but they typically do so. To help you plan your payments for the summer, we’ve put up a list of the social security payment deadlines for July and August. The same payment schedule is followed throughout the entire year, notwithstanding modest variations in each month’s dates.

Social Security COLA In July

Throughout July, payments will be made, and the precise date that you receive an installment will vary based on your circumstances. On July 1st, Supplemental Security Income (SSI) checks were made. If you reside outside of the United States, receive SSI and benefits from Social Security, your state covers your Medicare premiums, or applied for advantages before 1997, payment was made on July 3rd. The 2nd Wednesday in July was when Social Security payments were made to people who were born from the first to the tenth of the month. The 3rd Wednesday in July is when Social Security pays benefits to people who were born fall from the 11th to 20th of the birth month. Social Security payments for July are made on the 4th Wednesday of the month for anyone whose birthdays are after the twentieth of their birth month.

Social Security COLA In August

The timing of your payment, as in July, will rely on your circumstances. Funds will be made during August. The first of every month is when Supplemental Security Income (SSI) reimbursements are made. If any of the following conditions apply to you: you reside outside of the United States; you get both SSI as well as Social Security benefits; your state provides your Medicare premiums; or you applied for Social Security payments before 1997, you are scheduled to be paid on August 3. The 2nd Wednesday in August is when Social Security pays out to people whose birthdays are from the first to tenth of the month. The 3rd Wednesday in August is when August Social Security benefits are paid to people who have birthdays that fall between August 11 and August 20. You will usually get your social security payout early, on the Friday before the long weekend or the day before the holiday, if it is due on a weekend or legal holiday.

 

 

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