Payments for pensioners will be increased this year due to the cost-of-living adjustments (COLA) 8.7% increase. The average benefit increases to $1,827 per month as a result, and the maximum payment increases to $4,555 per month.
As New Year’s Day affects payments, Supplemental Security Income (SSI) beneficiaries got their first 2023 COLA payment on December 30.
Additionally, those who began receiving Social Security Disability Insurance (SSDI) payments before or during 1997 expected to have received their first payment on January 3.
The first payment of 2023 for Social Security and SSDI recipients (who began receiving payments after 1997) will begin in 4 days.
Your birthday decides when you start receiving Social Security retirement benefits, distributed 3 Wednesdays a month.
However, the payment will be transferred on the second Wednesday of per month if your birthdate falls between the first and the tenth.
Your money will be transferred on the third Wednesday of the month if your birthdate is between the 11th and the 20th.
Last but not least, if your birthday falls between January 21 and January 31, your money will be deposited on the fourth Wednesday of the month.
SSDI and Social Security recipients can expect to receive their benefits on February 8, February 15, and February 22 for the upcoming month.
SSDI recipients who began requesting benefits on or before 1997 should expect to receive them on February 3.
On February 1, SSI payments will start to appear in accounts.
