Each and every United States citizen will get a Social Security check this November with an increase over last year’s November payment. And each beneficiary will get a check on a different day depending on certain elements. Earlier today the Social Security Administration is making a payment to the first of the retiree groups.
If we have a benefit and meet the requirements set by the Social Security Administration we could get the new check with the 2023 COLA added. This means that the November 2022 payment goes to an extra 8.7% in 2023. By next year 2024 we will have not only that 8.7% added, but, in addition, the 3.2% of the new COLA already announced.
In order to get this payment one requirement must be met. Only one requirement is mandatory, although there is an extra requirement that we must meet if we plan to have the money available today. The first requirement to get this Social Security payment is related to the beneficiary’s own information, so we cannot change it, but we can change the second requirement ourselves.
New Social Security payment with COLA increase
As we’ve mentioned before, the extra $360 you’ll receive in November is due to the 2023 Cost of Living Adjustment (COLA) increase. This COLA increase was applied to Social Security checks starting from the beginning of this year. So, it’s expected that this November’s check will be larger compared to what you received in 2022.
If we compare the checks from November 2022 and November 2023, you’ll notice a significant increase in the average amount. For instance, the maximum benefit, which was $4,194 in 2022, has risen to around $4,555 per month in 2023. It’s not an exact figure, but it’s very close.
However, it’s important to note that only retirees who started receiving benefits before 1997 are eligible for this increased payment. This group is the first to receive their benefits, so meeting this requirement is essential to collect the higher payment.
Additionally, while it’s not mandatory, it’s highly recommended that you activate Direct Deposit for receiving your payment. Doing so ensures that you receive the money on the same day, which is November 3rd for this group. Without Direct Deposit, your check may arrive on a different day next week.
The significant advantage of using Direct Deposit is that you can access your money instantly without any delays, allowing you to use your Social Security funds for your needs right away.