As the possibility of a COLA hike in 2023 grows, the specific dates when millions of retirees may receive increased $1,657 Social Security payments have been published. The average monthly pension for retired workers in 2021 was $1,565, and with the 5.9% COLA increase, it increased to $1,657.
SSA is sending out check this February
Social security recipients will see the most significant boost in payments in the last 40 years starting this year. Millions of seniors will receive up to $1,657 in Social Security benefits this year, as the amount increased in line with the 5.9% increase in the cost-of-living adjustment this year.
The first SSI payments for February are on their way to help users get more money. The SSA is sending out checks this month in three waves, one on February 9, one on February 16, and one on February 23. If you retire in 2022, your maximum benefit might be $4,194. If you retire in 2021, your maximum benefit might be $3,895, as per The Sun.
When to receive the payment
If you’re wondering when you’ll get your Social Security benefits, don’t worry, they don’t come out on the same day as a person’s birthday. Any person whose birthday falls between January 1st and January 10th will receive their first check for the year on January 12th. On January 19th, anybody born between January 11th and January 20th will receive their reviews.
On January 26th, everyone born on or after January 21st will receive their cheque. In this way, individuals have an entirely new perspective on how these payments will help them get through the difficult times we’re all in right now.
According to Marca, on each month’s second, third, and fourth Wednesdays, payments will be made. The average monthly rise for married couples will be roughly $154, while the average monthly increase for disabled persons would be $1,252 to $1,358.