Americans and Social Security beneficiaries will experience changes in calendar payments in September due to the coincidence that October 1 is not a working day.
It is known that there are two payments during the month. In this case, the first full week of September will pass without any Social Security checks being issued.
The first payment of $841 will be sent on September 1, a Thursday, while the second payment should be issued near the end of September, which will add to the total of $1,682 that beneficiaries will collect.
The payment schedule has been modified because October 1 falls on a Saturday.
As The Sun reports, this comes as officials move closer to announcing the cost-of-living adjustment (COLA) for Social Security payments.
Another important fact about these payments, is that it is estimated that the COLA could range between 9.3% and 10.1% in 2023, according to experts.
When is the COLA announced?
The new payments are adjusted when the Social Security Administration announces the cost-of-living adjustment on Oct. 13, a change that will take effect 2023
Based on new CPI-W data through July, the 2023 COLA could be 9.6%, the Senior Citizens League (TSCL) has calculated.
Mary Johnson, Social Security and Medicare policy analyst at TSCL, said it would increase the average retiree benefit of $1,656 by $158.98 per month.