Each month, the Social Security Administration (SSA) distributes millions of payments to beneficiaries enrolled in its program. These recipients primarily include retired workers and individuals enrolled in the Supplemental Security Income Program (SSI), which extends support to seniors and people with disabilities, irrespective of their age.
The payment amounts fluctuate annually based on the Cost of Living Adjustment (COLA), which aims to maintain the purchasing power of Social Security checks amidst inflationary trends. In 2023, owing to an exceptionally substantial COLA increase, Social Security payments have risen by 8.7 percent compared to the previous year. This translates to an average monthly payment of $1,801 for retired workers, with a maximum potential benefit of $4,555 per month.
Unveiling the Beneficiaries Receiving $6,398 from Social Security Throughout the Remaining Year
Regarding SSI payments, the average monthly amount stands at $650, with a maximum benefit of $914 for individuals. Couples filing a joint return can receive up to $1,371 per month. Taking into consideration the maximum monthly payment of $914 for SSI beneficiaries, individuals enrolled in this program have the potential to receive a total of $6,398 for the remaining year. This calculation accounts for the remaining payments in 2023.
Unlike retirees, whose payment dates are determined by their birth dates, SSI recipients receive their payments on the first day of each month. However, if the first day falls on a Saturday, Sunday, or a federal holiday, the payment is scheduled for the previous business day to ensure timely delivery for the corresponding month.
SSI Social Security Payment Schedule: Timetable for SSI Benefit Payments
Presented here is the payment schedule for the remaining checks in 2023 for recipients of the Supplemental Security Income Program:
- June 30th*
- August 1st
- September 1st
- September 29th*
- November 1st
- December 1st
Please note that due to the first of July falling on a Saturday and the first of October falling on a Sunday, the payments for these months are moved forward to the preceding Friday.
When to Expect Your July Payments: This Is the SSA Schedule
SSI payments are typically disbursed on the first day of each month. However, in certain cases, the payment date may vary depending on various factors. Nobody but you are familiarized with your actual calendar, and you might know so far where and why exceptions have applied. If you live inside the US, you’re entitled to get your checks on the established dates and, if you’re currently based or living abroad, your payment date will align with the international schedule, typically falling on the 3rd of each month.
For individuals whose birthdays fall between the 1st and the 10th of their birth month, the Social Security payment for July is scheduled for the second Wednesday of the month, which is July 12. If your birthdate is between the 11th and the 20th, expect your check on July 19. The July 26 is the day that the payments for people with birthdates after the 20th will be sent.
What Is the Cost of Living Adjustment (Cola) And How It Impacts Your Social Security Benefits
The Cost of Living Adjustment (COLA) these are increases in wages or hourly rates, to help determine the value of your compensation against inflation. These raises are not considered merit raises for job performance, but directly impact the raises to be received. The COLA also affects the way Social Security benefits grow. The metric is called Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
For 2023, the COLA was set to 8.7%, a particularly high number to which we are not used in the US, having been 5.9% in 2022. In other words, Social Security benefit payments increased that percentage, helping retirees cope with inflation that has a direct impact on the cost of living.
COLA adjustments are closely linked to Medicare premiums. The majority of Medicare beneficiaries have their Part B premiums deducted from their Social Security payments. As Social Security benefits increase due to COLA adjustments, Medicare premiums tend to rise as well. COLA adjustments also apply to veterans benefits, ensuring that the support provided to veterans keeps pace with the rising cost of living. COLA plays a critical role in ensuring that veterans receive the financial assistance they deserve for their service.