It will arrive soon January 2023 and with it a new round Payments for Social Security Recipients.
The Social Security Administration (SSA) didn’t just report that payment calendar for this month, but also reminds pensioners and the elderly to receive their benefits In 2023 there will be an increase in your checks.
The exact date that direct payments are delivered next month depends on the date of birth of each eligible Social Security recipient.
Below we share with you the details of who will receive the money, what is the amount of each and when will the payments be released?
What are the Social Security Payment Dates in January 2023?
As usual, SSA will deliver the payments in January 2023 according to a regular schedule in which the donations are sent out every Wednesday.
On this occasion, those who receive money from the SSA will receive it from the second Wednesday. Meanwhile, the Supplemental Security Income (SSI) delivered a double payment to its beneficiaries in December because January 1 falls on a weekend.
For this January 2023 the payments will be organized as follows:
Benefits usually arrive on time as scheduled, but if they don’t, SSA recommends waiting at least three business days before requesting assistance.
If after this time you still do not have any money, you can speak to an SSA representative at 888-772-1213 who will clarify the situation. The best days to contact administration are Wednesday through Friday between 4pm and 7pm local time.
In addition, it is possible to check the status of Social Security benefits by verifying the account online on this page.
Why the increase in social security contributions?
That The cost of living (COLA) increased in 2022 And this change is reflected in various payments that people in the United States receive.
That The COLA index for this year was 8.7%a number only resembling those of the 1980s, so SSA beneficiaries get that extra percentage in their monthly payments.
That Average payments in 2022 were $1657so that after applying the COLA index we get between $144 and $146 additional dollars.
That estimated payments after the increase of up to $146 per month for retirees and $119 for the disabled is as follows, according to the SSA:
- All retirees: $1,827
- Retirees as a couple: $2,972
- Widowed mother of two: $3,520
- Widowed person with no children: $1704
- Disabled worker, wife and one or more children: $2,616
- All disabled workers: $1,483.
According to the CEO of the American Association of Retired Persons, this increase will help older and retired workers deal with the inflation the United States is going through.
“Social Security is the largest source of income in retirement for most Americans, providing almost all of the income for one in four seniors. Today’s announcement of a cost of living adjustment of 8.7%, or an average of $145 more per month, will bring much-needed relief to millions of Americans. Guaranteed Social Security benefits, including the annual COLA, are more important than ever as high inflation continues to be a concern for older Americans.”
AARP
Reassured the AARP to Social Security in one of its 2023 Cost of Living Announcement (COLA) statements.
How to estimate monthly SSA payments?
Typically, monthly payments for 2023 can be calculated by multiplying the SSA net benefit by 8.7%, the value of the COLA.
An even more accurate estimate can be obtained by adding Medicare Part B to the Net Social Security Benefit then multiply this result by 8.7%.
However, on the SSA website, it is possible to access a calculator that estimates each beneficiary’s potential payments.
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