As the month of October comes to a close, the Social Security Administration (SSA) prepares to issue a new payment to the agency’s beneficiaries.
According to official information from the SSA, nearly 70 million payments are issued every month, most of them benefiting retired workers. While the exact amount that people receive depends on various factors, for 2023, the average payment for a retired individual is $1,827.
The payment day depends on the beneficiary’s date of birth. Those who were born from the 1st to the 10th receive the money on the second Wednesday of the month. Those with a birth date from the 11th to the 20th receive it on the third Wednesday, and those from the 21st to the 31st receive their checks on the fourth.
Recipients of Supplemental Security Income (SSI) and individuals who retired before May 1997 do not fall under the previous payment scheme since they receive the money during the first day of the month, regardless of their date of birth.
$1,800 Social Security Checks: Exact mailing dates in November 2023
Taking into account the average payment that SSA beneficiaries receive, here are the exact shipping dates for Social Security checks which average $1,800:
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Payments will increase in 2024
In 2024, the average payment for a retired worker will increase to $1,885 thanks to the increase in the Cost of Living Adjustment (COLA) of 3.2 percent.
The increase in the COLA is the result of an attempt to equalize the amount of the checks and current inflation. In this way, the SSA prevents beneficiaries from losing their purchasing power when inflation is high. This increase will come into effect in December, and increased payments will begin to be issued in January 2024.