The Social Security Administration issued the first two rounds of increased COLA checks this year. The beneficiaries received a 5.9% COLA hike in 2022. Inflation has reached a record high in the last few years, the retirees have had to suffer a lot due to the price rise. Inflation is the highest in the past four decades; its present rate is 7.5%; experts predict a further increase in the rates as the year wears on. GOBankingRates reports that retirees will receive Social Security checks based on their birthdate; individuals will receive checks from the second Wednesday.
SSA issues check based on birthdays
Retirees with birthdays from 1st-10th will receive checks on March 9; those from 11th to 20th of a month will receive checks on the third Wednesday, March 16. Beneficiaries born between the 21st and 31st will receive checks on Wednesday, March 23. The retirees need to check with government authorities to monitor their checks and other valuable information regarding the monthly benefits. The COLA hike is not efficient against the inflation rise; the monthly surge is insufficient for covering all the monthly expenses. Retirees with limited income sources cannot save much despite the COLA increase.
Retirees need an additional income source
The Social Security amount is not enough to lead a decent life; the retirees need to look for alternative investment options to enjoy their lives. The working individuals need to invest a section of their monthly salary. Several retirees invest in the stock market and the 401(k) plan; the stocks are a high-risk investment choice. However, the stock market provides significant returns in a limited period; retirees can also choose a continuous and low-risk investment scheme. The reopening of the Social Security offices will benefit the individuals with limited internet access; the government officials will provide valuable assistance to the old-age beneficiaries.
The retirees should conduct a detailed analysis before applying for the Social Security benefits, delaying ensuring higher monthly benefits. Beneficiaries can also seek expert advice for various investments during their professional years; they should calculate the expected savings, reduce additional expenses, and save more.