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From: Ishmael112Jan-13 12:10 AM 
To: All  (1 of 16) 
 14744.1 

This in January.  Those of us on Social Security receive our cost of living adjustment (COLA) this month.  When it will come depends on when we were born.  

Beneficiaries born from the 1st through the 10th of the month get paid on the 2nd Wednesday.  

Beneficiaries born from the 11 to the 20th of the month get paid on the 3rd Wednesday.  

Beneficiaries born on the 21st of the month or later get paid on the 4th Wednesday.  

Today, January 12, is the 2nd payment cycle which is the first day those born early in the month get paid.  the other pay days are January 19 and 26.

February pay days are 9, 16 and 23.  

March pay days are also 9, 16 and 23.  

April pay days are 13, 20 and 27.

May pay days are 11, 18 and 25.

June pay days are 8, 15 and 22.  June has the earliest pay days of the year.  

July pay days are 13, 20 and 27.

August pay days are 10, 17 and 24.  

September pay days are 14, 21 and 28.  September and December have the latest pay days of the year.  

October pay days are 12, 19 and 26.

November pay days are 9, 16 and 23.  In November Social Security is always paid the day before Thanksgiving to those born the last part of the month.  

December pay days are 14, 21 and 28.

As you see it can be hard to keep track of your SSA pay day because it changes every month.  You may want to mark your calendar.  

Some people are still paid on the 3rd day of the month.  They are the people who were getting Social Security when payment cycling began several years ago.  A second group is people who get SSI and Social Security.  If you get SSI but your payment comes on a later date you can call SSA and have your pay day changed to the 3rd of the month.  

This year the SSA COLA is 5.9%.  However, the standard Medicare B premium will increase 7% or $21.60 and will reduce the amount of money you receive.  And if SSA considers you a high-income person you pay even more for Medicare B.  So don't spend all of your COLA in one place.  

  • Edited January 13, 2022 12:14 am  by  Ishmael112
 
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From: JohnDoe947 DelphiPlus Member IconJan-13 11:50 AM 
To: Ishmael112  (2 of 16) 
 14744.2 in reply to 14744.1 

Thanks for posting this. Although I already know all of what you explained but I'm sure that there are those who will be glad to have this information.

This is the largest ($109) COLA increase I have gotten since my first year of collecting, 2014. I actually lost $185 a month in 2015 because of some income in 2014. I remember that in 2017 there was no increase at all and very small increases in the subsequent years through 2021.

 
 
 
 
JD

I would rather live a hard reality than a happy fantasy.

 

 
From: JohnDoe947 DelphiPlus Member IconJan-13 11:53 AM 
To: Ishmael112  (3 of 16) 
 14744.3 in reply to 14744.1 

There was something I didn't know and that is how they determined the pay dates. Thanks!

 
 
 
 
JD

I would rather live a hard reality than a happy fantasy.

 

 
From: Elderwulf(Terry) (KNAPPER44)Jan-13 4:19 PM 
To: Ishmael112  (4 of 16) 
 14744.4 in reply to 14744.1 

Sometime last year, MY SS deposit stared happening on the Friday BEFORE the 3rd Wednesday.. I assume it's because the money arrives at the bank on the Friday before so the bank just puts it into people's accounts rather than holding it for a few days.. My wife's was formerly on the 4th Wednesday but (starting at around the same time) it''s been deposited on the previous Friday ..
 1st time it happened I assumed it was a mistake but it's been consistent.. Curious to see what this new year brings..

Edit: It came TODAY (Thursday) Weird. The COLA netted me 88 dollars/month..

I'm not complaining though.. 

  • Edited January 13, 2022 4:31 pm  by  Elderwulf(Terry) (KNAPPER44)
 

 
From: Ishmael112Jan-13 5:04 PM 
To: JohnDoe947 DelphiPlus Member Icon  (5 of 16) 
 14744.5 in reply to 14744.2 

You are right John.  This COLA is the largest in many years.  

I hope I don't bring bad news.  If in 2014 you worked and had earnings you were probably subject to the retirement test.  However, if you did not work but had incomed from prior years' work SSA calls that a special wage payment.  It should not have been used to reduce your benefits.  Unfortunately SSA assumes people earn their money when it is paid.  In the year of retirement that is often not the case.  It can be corrected but it must be called to SSA's attention.  

If that happened you can try reporting it and see if you can get your money.  However, ordinarily the statute of limitations applies which provides these things must be reported withing 3 years 3months and 15 days.  It may be too late to make the report.  

 

 
From: Ishmael112Jan-13 5:09 PM 
To: Elderwulf(Terry) (KNAPPER44)  (6 of 16) 
 14744.6 in reply to 14744.4 

With Direct Deposit the money does arrive at the bank a few days early to give the bank time to post it to individual accounts.  Your bank is doing you a favor.  When you consider the number of people who receive Social Security at any given bank the bank could earn significant interest on that money in 5 days.  I suggest that you do not change banks.  

My bank does not do that.  The money is in my account when the bank opens Wednesday morning.  Not before.  That is as it should be.  

 

 
From: Elderwulf(Terry) (KNAPPER44)Jan-14 12:41 AM 
To: Ishmael112  (7 of 16) 
 14744.7 in reply to 14744.6 

Well, my "bank" is actually a credit union and supposedly non-profit.. I suspect that putting the money directly into people's accounts, it saves them a bit of paperwork.. It MAY be a touchless bit of software that does the job automatically with no human input..

 

 
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From: Ishmael112Jan-14 1:48 AM 
To: Elderwulf(Terry) (KNAPPER44)  (8 of 16) 
 14744.8 in reply to 14744.7 

Social Security uses the term "financial institutions" specifically to include credit unions.  There may also be other institutions that are not banks but which hold money.   If you look at a personal check in the lower left corner is a number assigned by the American Banking Association.  If an institution has such a number Social Security can go there.  

Bankers call the money that is paid early a "float."  Your credit union could loan it out a few days and make money on it.  However, it gives it to you early.  As I say, you should keep the account.  

But there has to be some supervision over the money once it is transferred to the financial institution.  One issue is that depositors do die.  And sometimes relatives don't report the deaths but continue to take the money.  The US Treasury will recover the money from the financial institution which then has the problem of getting it back.  

 

 
From: JohnDoe947 DelphiPlus Member IconJan-14 10:14 AM 
To: Ishmael112  (9 of 16) 
 14744.9 in reply to 14744.5 

Thanks again. 

Ishmael112 said...

However, if you did not work but had incomed from prior years' work SSA calls that a special wage payment.  It should not have been used to reduce your benefits.  Unfortunately SSA assumes people earn their money when it is paid.

I don't remember the specifics and don't care enough to pursue the matter. The statute of limitations has expired anyway.

 
 
 
 
JD

I would rather live a hard reality than a happy fantasy.

 

 
From: Ishmael112Jan-14 1:08 PM 
To: JohnDoe947 DelphiPlus Member Icon  (10 of 16) 
 14744.10 in reply to 14744.9 

I agree that moving on is a good idea.  Also if, in your last year of work, you earned more than the lowest year used in your computation those earnings have been used to recompute and increase your benefits.  

That happened to me but I am in a very unusual situation.  If you are interested I'll explain it but it will not apply to you and I doubt it applies to anyone else on this forum.  

 

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