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COLA Social Security payment schedule 2022 — New $4,194 direct payments available on three dates next month – see when

How COLA increases your payment by $92 each month
What is inflation and what is the latest US rate?
Who doesn’t receive Social Security explained
Exact dates Social Security, SSI, and SSDI are paid each month in 2022

SOCIAL Security recipients can expect to receive their last payments of up to $4,194 hit their accounts today as September's schedule comes to a close.

Each month, the Social Security Administration sends out three payments on Wednesdays and when retirees collect depends on their birthdays.

The schedule for October is as follows:

  • Second Wednesday: October 12
  • Third Wednesday: October 19
  • Fourth Wednesday: October 26

This year's maximum Social Security benefit is $4,194 per month, with the average amount at $1,657.

Taxpayers who also receive Social Security Disability Insurance follow the same payment schedule.

Read our COLA blog for more news and updates...

  • Aurielle Weiss

    Car prices leveling out

    Car prices are astonishingly high, but according to CNN, seem to be leveling out.

    “There aren’t many new cars available,” Pat Ryan, CEO of the personal finance app Co-Pilot told CNN.

    “Used cars were peaking maybe six, eight weeks ago. They started to come down but the problem is the rate [hikes] have increased payments, faster than the decline in prices brought relief."

    The average interest rate for a 5-year car loan was 3.85 percent at the beginning of the year but is now around 5 percent.

  • Aurielle Weiss

    Negative impacts of a high COLA, continued

    In another survey, 37 percent of participants reported receiving low-income assistance in 2021.

    This is more than double the 16 percent that was receiving this assistance prior to the pandemic.

    These findings suggest the pandemic and inflation have caused a significantly higher amount of adults living on a fixed income to turn to other supplemental programs.

  • Aurielle Weiss

    Negative impacts of a high COLA

    Boosts in benefits are not always welcomed, as some of them can push people out of the income threshold required for other assistance programs.

    A study done by The Senior Citizens League from May to July showed that 14 percent of participants had their low-income assistance reduced due to their COLA.

    Another 6 percent had lost access to one or more programs when the COLA boosted their income over the allowed limit.

  • Aurielle Weiss

    US Cost of Living Index

    The cost of living index is a metric for comparing the cost of living between different cities.

    The indexes looks at expenses the average person would acquire, like food, shelter, healthcare, transportation, and education.

    These are estimated by comparing each city to a baseline value - the US is set at 100.

  • Aurielle Weiss

    US cities with highest COLA, continued

    The average cost of living for a single person is $61,334 a year, according to Mira.

    Housing is the most expensive factor in the bottom line cost as the average single person spends nearly $3,189 per month or $38,266 per year on housing alone.

  • Aurielle Weiss

    US cities with highest COLA

    As inflation grows, some cities are feeling the price hikes more than others.

    The top five cities are:

    • New York
    • San Francisco
    • Hawaii
    • Washington, D.C.
    • Los Angeles
  • Aurielle Weiss

    County employees get nine percent COLA increase

    County employees in Hawkins, Alabama will receive a nine percent wage increase to offset inflation.

    The Times News reported that The Hawkins County Commission voted Monday during the 2022-23 budget meeting.

    The increase was met with opposition but ultimately, two things were decided: raising the property tax rate by 15 cents and offering a cost-of-living adjustment at the rate of inflation to all county employees.

  • Aurielle Weiss

    Amendments passed for automatic annual COLA

    By the 1950s, amendments were passed to Social Security to ensure benefits would have an automatic annual cost of living adjustment (COLA).

    The Social Security Amendments of 1954 launched a disability insurance program, freezing retirement benefits while workers were on disability.

    By 1960, President Eisenhower signed a law allowing disabled workers of any age and their dependents to access disability benefits.

    At the time, 559,000 people were receiving SSDI.

    The average amount was around $80 per month.

  • Aurielle Weiss

    Florida school workers set for a raise

    15,000 workers at public schools across South Florida are set to receive a raise, according to WLRN.

    Pursuant to state legislation recently passed, all school workers in Florida must be paid at least $15 per hour by October 1.

    This includes maintenance workers, food service workers, and custodial staff.

  • Aurielle Weiss

    Retired Ohio teachers get COLA

    Retired teachers in Ohio will receive a 2.5 percent COLA increase in 2023.

    It takes effect on the anniversary of the recipient’s effective date of retirement.

    Those who retired after April 1, 2018, must wait four years before getting COLA.

  • Aurielle Weiss

    The current US inflation rate

    The Consumer Price Index (CPI) rose to 8.3 percent in August compared with a year ago.

    Shelter, gasoline, and food have contributed to some of the highest areas in price increases.

    The cost of shelter rose 6.1 percent over the past year while food prices increased by 8.3 percent during the year.

    Many reasons can be attributed to high inflation including labor shortages, supply not meeting the demand, raw material cost hikes, and price gouging.

  • Aurielle Weiss

    Gas prices rise for an entire week

    After months of decreases, gas prices have now increased seven days in a row.

    According to AAA, California has the highest prices - a gallon costs $5.88 on average.

    Other states that saw increases at the pump: Nevada, Oregon, and Washington - all over $5.

  • Aurielle Weiss

    States with the lowest cost of living

    Below are the top 10 cheapest states to live in and how their cost of living compares to the national average, according to Insure.com.

  • Aurielle Weiss

    States with the highest cost of living

    Below are the top 10 most expensive states to live in and how their cost of living compares to the national average, according to Insure.com.

    1. Hawaii (+88.29%)
    2. District of Columbia (+56.87%)
    3. New York (+48.30%)
    4. California (+46.12%)
    5. Alaska (+26.07%)
    6. Maryland (+25.24%)
    7. Oregon (+24.02%)
    8. Massachusetts (+21.61%)
    9. New Hampshire (+19.91%)
    10. Washington (+19.11%)
  • Aurielle Weiss

    Can you fully rely on Social Security benefits?

    On average, Social Security payments only account for about 40 percent of your pre-retirement income.

    So it’s important to have other money saved up for retirement.

    How much you receive from Social Security benefits will depend on your income.

  • Aurielle Weiss

    McDonald’s President speaks on CA minimum wage bill, part two

    California recently passed a minimum wage bill that would allow fast food workers to earn up to $22 per hour.

    Joe Erlinger the President of McDonald’s USA, who said he supports increasing the minimum wage, spoke out against the bill in a letter posted Wednesday.

    “Putting aside so many problems with the bill, it could require single-location franchise owners of these large chain restaurants to pay workers $22 per hour by as early as 2023—40% more than the current hourly wage in California,” he said

    “Aggressive wage increases are not bad. McDonald’s, for instance, operates very successfully in high-wage environments across the country and around the world, and in places that require more than $22 in all restaurants.

    “But if it’s essential to increase restaurant workers’ wages and protect their welfare – and it is – shouldn’t all restaurant workers benefit?

    “This lopsided, hypocritical and ill-considered legislation hurts everyone.”

  • Aurielle Weiss

    McDonald’s US President speaks out against CA minimum wage bill

    California recently passed a minimum wage bill that would allow for fast food workers to earn up to $22 per hour.

    Joe Erlinger the President of McDonald’s USA, who said he supports increasing the minimum wage, spoke out against the bill in a letter posted Wednesday.

    “If You are a small business owner running two restaurants that are part of a national chain, like McDonald’s, you can be targeted by the bill,” he said.

    “But if you own 20 restaurants that are not part of a large chain, the bill does not apply to you.

    “For unexplainable reasons, brands with fewer than 100 locations are excluded. Even more mystifying, the legislation excludes certain restaurants that bake bread. I can only conclude this is the outcome of backroom politicking.”

  • Aurielle Weiss

    Combatting the interest rates rise

    With rates rising, Americans with debt should pay it off as soon as possible - especially those with adjustable interest rates, which change periodically.

    Keep in mind that many credit cards have adjustable rates.

    Most car loans, on the other hand, have fixed interest rates.

    If possible, either pay off loans with adjustable rates down as soon as they can or refinance into fixed rates.

    Additionally, try not to open any new loans, as it isn't ideal when rates are rising.

  • Aurielle Weiss

    How rises in interest rates impact you

    The Federal Reserve raised rates for the fifth time this year, with the range being set at up to 3.25 percent - the highest level in 14 years.

    This will impact you as borrowing will become even more expensive.

    The increase will likely impact prime rates, which are the rates lenders charge on credit card balances.

    It may also impact Americans with a mortgage, as adjustable ones are tied to the Secured Overnight Financing Rate (SOFR).

  • Aurielle Weiss

    Cost of living crisis - how it impacts students

    The cost of living crisis is hitting multiple demographics, including students.

    The BBC reports some university students feel forced to choose between social life and buying food.

    Zoe Jones, a second-year college student said the decision impacted a massive part of the university experience.

  • Aurielle Weiss

    COLA's October payment schedule

    Social Security, Supplemental Security Income (SSI), and Social Security Disability Income (SSDI) are vital for retired and disabled Americans as they receive much needed payments.

    When you receive Social Security benefits depends on your birthday as the payments go out three Wednesdays a month.

    This year's maximum Social Security income is $4,194 per month, with the average amount being $1,657.

    The October 2022 schedule is as follows:

    • Second Wednesday: October 12
    • Third Wednesday: October 19
    • Fourth Wednesday: October 26

  • Aurielle Weiss

    Some Georgina seniors excluded from refunds

    Some seniors in Georgia aren’t eligible for a tax refund worth up to $500, which is based on 2020 and 2021 tax return filing, The Atlanta Journal-Constitution reports

    In the state, those between the ages 62 and 64 may exclude as much as $35,000 on their retirement income on their state returns.

    That number gets boosted to $65,000 for those who are 65 and older.

    If you meet these exemptions, you may not have paid anything in state income taxes – meaning you wouldn’t be eligible for a rebate check.

  • Aurielle Weiss

    Some California residents miss rebates

    Residents in some states are at risk of missing out on rebates.

    California enacted a rebate program set to roll out in October and give those eligible up to $1,050. 

    However, to qualify for the cash you will need to file a tax return and roughly three million Californians do not make enough money and aren’t required to file, ABC 10News San Diego reports. 

    And unfortunately, filing taxes for some could be quite expensive and might not be a viable option based on certain financial situations. 

  • Aurielle Weiss

    SS recipients lose nearly $975, continued

    Benefits under the state's property tax rebate program were worth up to $975 this year. 

    Only half of Social Security checks are excluded, meaning benefit increases each year may cost you a direct payment in the state.

    Because the rebate isn’t tied to adjust for inflation, thousands risk losing property tax rebates if the state legislature fails to act, reports Spotlight PA.

  • Aurielle Weiss

    SS recipients lose nearly $975

    Some Pennsylvania Social Security beneficiaries may lose cash worth up to $975.

    On average, Social Security recipients are getting $1,657 per month in 2022, which is up 5.9 percent from the previous year.

    However, government benefits with income limits don't adjust for inflation.

    So, seniors in Pennsylvania who are receiving the state's property tax rebate will be impacted.