The Social Security Administration began distributing December payouts this week. In January 2023, you will receive your first increase in benefit amount.
In December, Supplemental Security Income beneficiaries will receive their first rise. We'll explain why below, as well as how Social Security benefits are calculated.
Social Security Benefits December Schedule
Keep a watch out for a letter in the mail this month informing you of an increase in your Social Security payments for 2023. It will include information regarding your benefit rate increase for the coming year; you may also verify your benefits online through your My Social Security account.
Continue reading to learn when you'll get your Social Security check this month and how your payment date is set.
Payments are made by the Social Security Administration on the second, third, and fourth Wednesdays of each month.
According to CNET, your birthday determines which Wednesday you receive your money. SSI payments are usually received on the first of each month (see below). We'll break it down for you.
- If you were born between the 1st and 10th of the month, your payment will be mailed on the second Wednesday of each month.
- If your birthday comes between the 11th and 20th of the month, you will get your payment on the third Wednesday of the month.
- If your birthday falls between the 11th and the 20th of the month, your payment will be made on the third Wednesday of the month.
Other Social Security Payments
The SSA also controls certain additional assistance programs, each with its payment schedule. Payments for Supplemental Security Income (SSI) should have begun on Thursday, December 1, with individuals who get both SSI and Social Security beginning on Friday, December 2.
However, keep in mind that those dates apply to the day the payment was made. It may take several days for it to appear in your bank account.
Another payment will arrive in December for SSI beneficiaries, but it will not be a Christmas present. Because the first day of January comes on a Sunday, the customary SSI payment is delayed by two days.
The January 2023 SSI payment will be delivered on Friday, December 30. If you do not get your check on the above-mentioned date, wait three additional mailing days' before calling the Social Security Administration, according to AS.
If you still haven't received it after that, contact 800-772-1213 to talk with a professional who can assist you. Wednesday through Friday are the best days to call, as are later in the day, between 4 pm and 7 pm. Because wait times are less in local time. You can also check your payment schedule on your Social Security online account.
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How Much Could Social Security Beneficiaries Receive in December?
Millions of Social Security recipients will get direct payments for an average of $1,681 in 10 days for individuals whose birthdays come between the first and tenth of each month.
According to the Social Security Administration, the first wave of payments will be mailed on December 14, and the cheques may be worth up to $4,194. Starting in January of next year, retirees may expect a monthly raise ranging from $146 to $1,827.
Several factors influence Social Security payments, including the recipient's retirement date and the amount paid into the program.
Due to record-high inflation figures, the SSA's acting commissioner announced the greatest cost of living adjustment in 40 years - an 8.7% rise. The agency last issued a greater raise in 1981, when it was 11.2%.
To determine the precise amount of the cost of living adjustment, beneficiaries should multiply their Social Security payout by the 8.7% adjustment. The SSA website contains further information regarding the adjustment. Social Security has over 70 million beneficiaries, as per Washington Examiner.
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