Social Security beneficiaries now receive more money. In 2023, average payments for retirees will be about $1,827. Supplemental Security Income (SSI) payments are also on the rise. SSI payments are around $656 this year.
It should be noted that these figures are only approximations of monthly Social Security payments. Only a case-by-case analysis can determine the exact amount each beneficiary will receive.
Each year, the Social Security Administration (SSA) calculates benefits on an individual basis. It does this on the basis of the "primary insurance amount" (PIA), not the actual benefit.
More money, more benefit?
In 2022, the SSA announced an increase in the amount beneficiaries would receive in their payments. The measure went into effect this year.
The increase constitutes a nominal pension adjustment, necessitated by the rising cost of living. Everyone is aware of the rising prices of goods and services, especially basic necessities. A global reality from which the United States cannot escape.
The SSA announced that its pension "cost of living" adjustment would be 8.7% in 2023.
The SSA has already sent the payments for January and February. It is now processing the last payment for March. This month, exceptionally, Social Security will send two checks.
Exact dates of Social Security payments
On Friday, March 31, SSI beneficiaries will receive their advance payment for April, as the first day falls on a Saturday.
As a rule, people who retired before May 1997 receive their payments on the 3rd of each month.
For the rest of the beneficiaries of these pensions, the Social Security check arrives according to their birthday:
- Second Wednesday of the month: retirees born between the 1st and 10th.
- Third Wednesday of the month: retirees born between the 11th and 20th.
- Fourth Wednesday of the month: retirees born between the 21st and 31st.