In the United States, the schedule of retirement pension payments follows a schedule set by Social Security. This scheme facilitates the organization of payments for retirees. By being able to know the day on which we will receive the benefit, anyone with a pension has the possibility to control their finances. Despite this, it is also very important to know that the Social Security check will increase in the coming year.
As of January 2023, all Social Security retirement checks will increase by 8.7%. This means, therefore, that we will be looking at maximum checks of $4,555 per month. Remember, the intent of this increase is not to make retirees rich. The money in the SSA checks goes up through the COLA so that retirees do not lose purchasing power. If it were not for this increase, many pensioners would have trouble paying their bills every month.
Therefore, regardless of the amount of the check, all seniors will see an increase in their money in 2023. The percentage will be 8.7% always, so the average benefit also goes from $1,666 to $1,827. This can be applied to all benefits. The only thing to note is that the maximum is $4,555. So no one can receive a check in an amount greater than this.
The timing of the payments, in this regard, is the same as every year. It does not change, only the amount of money retirees receive changes.
Social Security payments in 2023
Social Security payments in 2023 will follow the schedule pre-established by the Administration. This means that the days on which SSA will send payments will be the second, third, and fourth Wednesdays of the month.
On each of these days, SSA will send payment to different groups. These are the groups that will receive the money on the different days.
- 2nd Wednesday of the month. Group of retirees born between the 1st and 10th of any month.
- 3rd Wednesday of the month. Retirees born between the 11th and 20th of any month.
- 4th Wednesday of the month. Social Security sends money to retirees with birthdays between the 21st and 31st of any month of the year.
These days Social Security will send the payment, but this does not mean that the retiree will receive the money. In order to receive the money immediately, Direct Deposit must be activated. There is no problem in receiving the monthly check through a deposit in the bank account, but keep in mind that it can take up to 3 days for the money to reach your pocket with this method.