No Extra Money from Social Security This Month

Unfortunately, there will not be any extra money from Social Security this month. Social Security benefits are paid out on a regular monthly schedule, and there are no additional payments scheduled for this month. While an increase in benefits may occasionally occur due to a cost-of-living adjustment (COLA), there is no COLA scheduled for this month.

Social Security Payment Schedule

Social Security payments are made on a monthly basis according to a payment schedule based on the recipient’s date of birth. Payments are made on the second, third, or fourth Wednesday of each month. Here is how the payment schedule breaks down:

• If your birthday is on the 1st – 10th, your payment is made on the second Wednesday of the month
• If your birthday is on the 11th – 20th, your payment is made on the third Wednesday of the month
• If your birthday is on the 21st – 31st, your payment is made on the fourth Wednesday of the month

This payment schedule means that recipients receive their standard Social Security benefit amount each month on a consistent date. Unless a COLA or other benefit increase has been announced, recipients can expect the same payment on the regularly scheduled date.

Cost-of-Living Adjustments

In some years, Social Security benefits may be increased by a COLA. This is an increase meant to offset rising prices and keep up with inflation. However, there is no COLA scheduled for this month. The last COLA increase was in January 2022, when benefits increased by 5.9%.

The COLA for 2023 has not yet been announced. If there is a COLA for next year, it will likely be announced in October 2022. Any increase from a COLA would not take effect until January 2023 at the earliest. There are no COLA increases scheduled mid-year during 2022.

No Other Planned Increases This Month

Aside from potential COLAs, Social Security benefits do not generally see extra or additional payments during the year. While those relying on Social Security for retirement, disability, or other purposes may certainly appreciate an increase, there are no such bonuses or raises planned for this month.

Recipients will simply receive their standard monthly payments on the regular schedule. Unless specific legislation authorizes an additional payment, such as the stimulus checks issued during the COVID-19 pandemic, Social Security is limited to just the regular monthly benefits.

What to Expect Moving Forward

With no extra payments coming this month, those relying on Social Security will need to budget accordingly. The regular monthly payments can be counted on, but no additional funds are forthcoming. Looking ahead, the 2023 COLA announcement anticipated in October will be the next possible increase for beneficiaries.

Outside of COLAs, the only way to increase Social Security benefits is to delay claiming in order to earn delayed retirement credits. By waiting to claim benefits, a recipient can receive a higher monthly payment. However, this does not impact those already receiving benefits.

In summary, Social Security recipients should not expect any extra or additional payments this month outside of the regularly scheduled benefits. Unless new legislation authorizes pandemic-related stimulus or another special payment situation arises, beneficiaries will need to plan carefully based on the standard monthly amounts.

Additional Details on Social Security Payment Schedule

While the regular Social Security payment schedule is based on date of birth, there are some other factors that can impact payment dates. For those who started receiving benefits prior to May 1997, the payment schedule may be different and based on the day of the month the claim was filed. The day of the week can also shift payment dates, as they will not be released on weekends and holidays.

Checking Payment Dates Online

To find specifics on your scheduled payment dates, beneficiaries can check online using their my Social Security account. This will list the exact day each month that payments will be deposited or checks mailed. Knowing the schedule ahead of time can help with budgeting.

How COLA Increases Are Calculated

COLAs are determined based on growth in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If the average CPI-W measured over Q3 of the current year has increased compared to the average from Q3 of the prior year, a COLA can be declared.

Factors Impacting 2023 COLA

Prices have risen substantially in 2022 due to high inflation. This means the CPI-W measured in Q3 of 2022 is likely to be significantly higher than Q3 of 2021. In turn, this suggests Social Security beneficiaries are likely to receive one of the highest COLAs in decades for 2023. However, the exact percentage increase has yet to be officially announced.

Possibility of Other Direct Payments

While no additional payments are scheduled for this month, it’s possible Congress could approve special direct payments to Social Security recipients in the future. For example, some legislators have proposed providing $1,400 stimulus checks to those receiving Social Security. If such legislation passes, direct payments outside the normal benefit schedule could occur.

In summary, while Social Security functions on a consistent monthly schedule, unforeseen direct payments or larger than average COLAs could arise in the future based on economic conditions and legislative action.