Social Security recipients will receive $200 extra in benefits despite the fact that the majority of Americans struggle to keep up with inflation. When this happens, it will appear!
Beneficiaries of Social Security will receive their subsequent monthly retirement checks in nine days, which are now worth an average of $1,681 each.
Extra Social Security payments
The usual Social Security checks will be mailed out on December 14 to beneficiaries who were born between the first and tenth of their birth month; beneficiaries who were born between the eleventh and thirty-first of any month will get their benefits later in the month.
Beneficiaries get their monthly retirement benefits in three waves, each of which occurs on a Wednesday. The payment waves are divided according to the beneficiaries’ birthdays.
The payment for this month will be issued to those who were born between December 11 and December 20, they always receive their second wave of checks on the third Wednesday of each month.
The third wave of payments, for those who were born between December 21 and December 31, will be given out on December 28, according to the Social Security Administration.
There are no restrictions on resources or income for these Social Security benefits, which are based on lifetime earnings. The average monthly payout for retirees as of October was approximately $1,681, according to the SSA.
The following year, when the SSA adopts the 2023 Cost of Living Adjustment, that amount might rise by around $146 to $1,822 per month. This increase falls short of the $200 some retirees had hoped to see an increase in their benefits, given that many seniors on fixed incomes find it difficult to keep up with inflation.
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When To Expect An Increase In Benefits?
There will be an overall increase of 8.7% in Social Security benefits for all recipients, including spouses, kids, and survivors of deceased workers. For those who receive Social Security Disability Insurance and Supplemental Security Income, the same rule applies.
Retired employees who receive Social Security benefits are the ones most likely to see an increase in benefits when the 2023 COLA is put into effect.
Given that retirees already receive the highest benefits, this shouldn’t come as a surprise. Employees with disabilities who qualify for disability insurance would be affected by the second-largest increase, which would increase by an estimated $119.
For others, however, this nearly nine-point boost won’t be enough to keep them out of poverty. The issues that many elderly people face were highlighted by Ramsey Alwin, president of the National Council on Aging (NCOA).
Although it’s a good idea, Alwin believes that many seniors, especially women and people of color, may struggle to pay for housing and healthcare.
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