With the arrival of a new year, the Social Security Administration is adding the COLA to benefit payments for retired users in the United States. This means that the $4,194 maximum payments we had in 2022 will increase to $4,555 in 2023. This is good news for a large number of retirees, as they do not lose purchasing power due to inflation.
However, this first Social Security payment in 2023 is not for all retirees. Only a group of retirees who meet a specific requirement will be able to enjoy the first of the year’s retirement checks. The Social Security Administration will send this payment in just a few days and millions of retirees could have it immediately.
To be more precise, the day the Social Security Administration sends out the paycheck is January 18. To receive this check, the retiree must be born between the 11th and 20th of the month. In addition, in order to receive the money from the check on the same day the SSA sends it, it is mandatory to have Direct Deposit activated. Otherwise, we may have to wait up to 3 days to receive the check in the bank account.
Remaining Social Security Payments in January 2023
In January 2023, the Social Security Administration sends other payments to retirees. Despite this, they are actually the same payments but divided into three different mailings. The SSA does this to avoid delays in payments and to be more efficient.
The rest of the January Social Security payments are on the following days:
- Jan. 11 Payment for retirees born between the 1st and 10th of the month. This is the second group to receive the benefit.
- January 25 The Social Security Administration sends payments on this day to retirees born between the 21st and 31st of the month.
Thanks to this information, all retirees know the day they will receive their payments in the coming weeks.
How to maximize the retirement pension check?
When it comes to receiving the Age Retirement Pension check, there are three factors that determine the amount.
- Age at retirement.
- Salary as an employee.
- Years worked.
These three elements are crucial to getting the best possible benefit. The later we retire, the more money we will have contributed. And not only that, but requesting retirement at age 62 means losing 30% of that money contributed.
To obtain 100% of our Social Security, we must wait until we are at least 67 years old. The salary as a worker and the years worked also have a direct influence on the monthly check that we will receive in the future.