Next January 2023 already has the days set for Social Security Administration payments. With the arrival of the new year, new Social Security retirement payments will take place in the United States. These new payments, in addition, will have a COLA increase of 8.7%. Therefore, next year the average payments will not be $1,666 per month, but $1,810 per month.
To all this we have to add that we already know the exact days on which Social Security will send next month’s payments. Thus, in January 2023 benefit payments will also be made on the second, third and fourth Wednesday of the month. So retirees have to pay attention to those days of the calendar to know when they will receive their check with the determined amount.
On the other hand, it should not be forgotten that there are two main ways to receive these Social Security checks. On the one hand, we have the option of receiving the amount in our bank account. On the other hand, we can receive our check with Direct Deposit, which is a faster and more direct way than through the bank account.
Social Security payment schedule for January 2023
The days of Social Security retirement payments in January 2023 are as follows:
- January 11th. Retirement payment for users born between the 1st and 10th of the month. This is the first payment the SSA will send in the year.
- January 18th. On this day, the Social Security Administration will send payments to retirees born between the 11th and 20th of any month.
- January 25th. Last January payment of the year 2023. This payment is for retirees born between the 21st and 31st of any month of the year.
The SSI payment for January 2023 is sent by the Social Security Administration on the 30th day of December 2022. This is because January 1 is a holiday. Besides this, there are no other changes in the January 2023 calendar.
In the rest of 2023 we will only have this irregularity in the Social Security calendar in the months of April, July and October. The other months of the year have their SSI payments on the 1st with no problems.
Why will retirement checks be larger in 2023?
Retirement checks will increase in 2023. This is because the Social Security Administration will increase all payments sent out by 8.7%. Supplemental Security Income payments also fall into this group.
Until 2022, the average payment was $1,666, but by next year 2023 the payment will be $1,810 per month. Likewise, the maximum payment is $4,194 in 2022 and will be up to $4,558 if we take into account the COLA increase.
This is not to say that every year Social Security checks increase by 8.7% because of the COLA. As a general rule, checks have an increase, although the amount depends on inflation. Since there has been very large inflation in 2022, the COLA for 2023 is a record high. It is the largest increase in pension checks in 40 years, which is very important for retirees, who do not lose purchasing power.