For people whose birthdays come between the first and tenth of each month, millions will receive Social Security direct payments worth an average of $1,681 in just eight days.
The first batch of checks will be delivered on November 9 and, according to the Social Security Administration, they might total up to $4,194. Beginning in January of next year, retirees will get a rise of $146 to $1,827 per month.
When to Expect Social Security Payments?
The amount of the recipient's Social Security payment and when they retire are two of the many variables that affect it. The interim commissioner of the SSA recently announced an 8.7% raise, the largest cost-of-living adjustment in 40 years. The agency last granted a bigger raise in 1981, when it was 11.2%, as per Washington Examiner.
Your Social Security income must be multiplied by the 8.7% cost-of-living adjustment in order to determine the precise increase you will receive. The SSA website contains additional details regarding the change. Social Security has almost 70 million beneficiaries.
Tomorrow, the Social Security Administration will start paying recipients of Social Security and Supplemental Security Income. You'll receive an increase in payments on your check starting in January 2023, according to CNET via MSN.
In December, you'll receive a letter in the mail informing you of the rise in your Social Security benefits for 2023. You can also access your benefits online on the Social Security Administration website. It will include information on the specific benefit rate increase you will get for the upcoming year. Make sure to create a My Social Security account by November 15 at the latest.
The second, third, and fourth Wednesdays of each month are when the Social Security Administration sends out payments. Your birthdate determines which Wednesday you receive your money. SSI beneficiaries typically receive their payments on the first of every month.
- Nov. 9: Your payment will be sent out on the second Wednesday of the month if your birthday is between the first and tenth of the month.
- Nov. 16: Your payment will be sent out on the third Wednesday of the month if your birthday is between the 11th and 20th of the month.
- Nov. 23: Your payment will be sent out on the fourth Wednesday of the month if your birthday is between the 21st and the 31st.
What else can you do with a My Social Security account?
- Request a Social Security card replacement.
- Start your retirement application.
- Start a disability application, if you're unable to work for one year or more due to a medical condition.
- Calculate benefits for a current or former spouse, based on your earnings record.
- Check the status of your retirement or disability application.
- Request a Benefit Verification letter showing your payments or lack thereof.
- Report your wages if you work and get Social Security Disability Insurance.
Increased Social Security Payments in 2023
Next year, Social Security recipients will experience the largest cost-of-living increase in four decades, although the precise amount of additional money that retirees receive may vary.
The Social Security Administration (SSA) stated earlier this month that benefits would increase by 8.7% in 2023, which would be the highest increase since recipients experienced an 11.2% increase in 1981. The average monthly benefit will rise from $1,681 in 2022 to $1,827 in 2023, an increase of roughly $146.
According to the agency, more than 64 million Americans who receive Social Security benefits will start receiving the larger payouts in January.
Per Fox Business, your new monthly benefit for the following year will be included in notices that the SSA sends you by mail and online in December. However, by opening a my Social Security account by no later than November 15 you can view your COLA notice earlier.
Depending on your retirement age and employment experience, the account will display your current or anticipated future benefits. You can also figure out the payment increase on your own by multiplying your current benefit amount by 0.087 to get an idea of the potential increase in your monthly payout.
For instance, multiplying your average monthly payment of $1,567 by 0.087 will tell you that your checks will rise by around $136 per month over the course of the following year.
