Millions of Social Security beneficiaries will receive the maximum payment worth $4,555 2 days from now or on January 18.
Social Security Benefits
The amount of Social Security benefits has increased this year as a result of the inflation rate and adjusted cost-of-living adjustment (COLA). Recipients are set to receive their second check this January 18 or two days from now, The U.S. Sun reports.
This 2023, retirees will see their monthly payments increase by $140 to $1,827 on average. This just simply means that the maximum benefit will be $4,555. Meanwhile, the Social Security Income and Social Security Disability recipients will also see an increase in their checks.
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Date of the Distribution of Payments
Recipients will receive their payments based on their birth dates. Usually, this goes out three Wednesdays a month. The distribution of the payments are as follows:
- If the birth date falls between the first and 10th of the month, the payment will be deposited every second Wednesday of each month.
- If the birth date falls between the 11th and 20th of the month, the payment will be deposited every third Wednesday of each month.
- If the birth date falls between the 21st and 30th of the month, the payment will be deposited every fourth Wednesday of each month.
Furthermore, the exact amount depends on the age that you retired. Only those who waited until “Full Retirement Age” (FRA) are entitled to full benefits. On the other hand, there will be an increase for those who decided to delay their benefits up to the age of 70.
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