This week, the Social Security Administration started disbursing December benefits. Your benefit amount will increase for the first time in January 2023.
Beneficiaries of Supplemental Security Income will start seeing increases in December.
December Social Security Benefits
Watch your mailbox this month for a letter advising you of an increase in your Social Security benefits for 2023. You can also check your benefits online using your My Social Security account. It will contain information on your benefit rate rise for the upcoming year.
Read on to find out how your payment date is determined as well as when you may expect your Social Security check this month.
The Social Security Administration issues payments on the third, fourth, and second Wednesdays of each month.
Which Wednesday you receive your money depends on your birthdate. On the first of every month, SSI benefits are typically received.
- Your payment is reduced if you were born between the first and tenth of the month.
- Your payment will be made on the third Wednesday of the month if your birthday falls between the 11th and the 20th.
- Your payment will be made on the third Wednesday of the month if your birthday comes between the 11th and the 20th.
READ MORE: SSDI Payments: Didn’t Receive Your December? Here’s What To Do!
Social Security Payment Amount
People whose birthdays fall between the first and tenth of each month will receive direct payments from millions of Social Security users for an average of $1,681 over ten days.
The first round of checks, which could be worth up to $4,194, will be mailed out on December 14th, according to the Social Security Administration. Retirees can anticipate an increase starting in January of 2019 that could range from $146 to $1,827 per month.
Social Security payouts are influenced by several variables, including the recipient’s retirement date and the number of contributions made to the system.
The acting commissioner of the Social Security Administration (SSA) announced the largest cost of living adjustment in 40 years an 8.7% increase due to record-high inflation rates. When the organization last gave employees a raise, it was 11.2% back in 1981.
Beneficiaries should multiply their Social Security benefit by the 8.7% adjustment to calculate the exact cost of living adjustment. Additional details concerning the modification are available on the SSA website. There are more than 70 million Social Security recipients.
READ MORE: Social Security Payment: The First Thing To Do With Your Money Is Crucial!
