Out of all the Social Security payments that have taken place from the Social Security Administration, the one rolling out today is the last one pending. After this one, next year’s payments will be bigger than this. Back in October, the SSA announced that the cost-of-living adjustment (COLA) will increase to 8.7% in 2023. This is the biggest SS payment boost since 1980. People who get their December payment are still getting the same %5.9 COLA, an adjustment that hasn’t helped senior citizens with the inflated cost of living at all.
Social Security Payments in December will happen according to the very same monthly schdule. Peymants are rolling out on the second, third and fourth Wednesdays of the month. Let’s go through that again, shall we? If you were born between the 1st and 10th of December, you are getting your payment on Wednesday, December 14. If your birthday falls between the 11th and the 20th of the month, you get paid on Wednesday, December 21. Last but not least, you get paid on December 28 if your birthday falls between December 21 and 31.
What if I don’t get my SS payment and I do qualify?
People who don’t get their payment on the expected date will need to wait the three additional mailing days before contacting the SSA. Seniors who also get the Supplemental Security Income (SSI) benefits will also get that payment in December. These payments are usually given on the first days of the month unless that date falls on a weekend. If that is the case, those payments will be issued on the Friday before the first.
All social security recipients can exect a much bigger 2023 check, benefits that are expected to increase by more than $140 monthly next year. The SSA also says that the average yearly benefit for 65-year-olds in 2023 will rise to $30,708 or $2,559 monthly. Just a few more days and Americans will finally get that increase in monthly payments.