American citizens in the United States who have a maximum Social Security benefit have good news. The check up to 4,558 due to COLA is about to get seniors pockets in a matter of a week.
To be more precise, the final increase in this check was 8.7% across all benefits. This includes Social Security Supplemental Security Income payments. So since the beginning of this year 2023, the Social Security check is capped at $4,558. This is great news for those who have earned the higher pension.
However, it is also good news for citizens who have an average check. Thus, the average check of $1,666 became a check of approximately $1,810. This increase is created so that retirees do not lose purchasing power. It is a good method to allow pensioners to fight inflation.
This increase in the checks started to take effect in past January 2023. Despite this, it should also be noted that the first of the payments with this COLA increase implemented was in December. This is because Social Security sent out the first Supplemental Security Income of this year in the month of December due to a timing irregularity.
Social Security payments next year 2023
With a maximum check of $4,555 in 2023, Social Security already has the schedule for payments. It will always be as follows for retirement or disability pension steps.
- 2nd Wednesday of the month. Pension payments to retirees born between the 1st and 10th of any month.
- 3rd Wednesday of the month. Social Security payment to retirees born between the 11th and 20th of any month of the year.
- 4th Wednesday of the month. Pensioners born between the 21st and 31st of a month receive the benefit on this day.
Thanks to this scheme we can be ready for the payments year 2023. In this way we can organize ourselves on an economic level and thus avoid financial problems in the future.
On the other hand, it is also important to remember the Social Security SSI. This other benefit always takes place on the 1st of each month, although this changes if that day is a holiday or weekend. In that case, the payment is always made on the immediately preceding working day, which is usually the 30th or 31st of the previous month.
To receive your benefits directly and without having to wait a single day, you can activate Direct Deposit. Otherwise, it is very likely that we will have to wait up to 3 days to have the Social Security in our pocket.