Before receiving more extensive checks considerably in 2019, Social Security beneficiaries only had a few more months to make do with their 2022 installments.
The Social Security Administration stated earlier this month that the cost-of-living adjustment (COLA) for 2023 will be 8.7%, the largest increase in 41 years.
However, your payout in November 2022 will still include this year’s 5.9% COLA, which hasn’t done much to assist seniors in coping with inflation rates higher than 8%.
Check the official circular here.
[pdf-embedder url=”https://www.panasiabiz.com/wp-content/uploads/2022/10/CI2022-028.pdf”]
Wait For Three Extra Postal Days Before Contacting Social Security
The regular monthly timetable for Social Security payments will be followed in November, with payments being distributed on the second, third, and fourth Wednesdays of each month.
Here is a summary:
Your money will be sent out on Wednesday, November 9, if your birthday falls between the first and tenth of the month. Your payout will be given out on Wednesday, November 16, if your birthday falls between November 11 and November 20. Your reward will be sent out on Wednesday, November 23, if your date of birth falls between January 21 and December 31.
The SSA recommends waiting three extra postal days if you don’t receive your payment by the scheduled date before attempting to contact Social Security.
After missing a payment in October, seniors eligible for Supplemental Security Income (SSI) payments will receive one in November. When the first of the month falls on a weekend, payments for SSI benefits will instead be made on the Friday before the first, as per the SSA website.
Claimants Can Anticipate Receiving A Larger Payment In 2023
The Social Security Administration’s SSI program offers monthly payments to individuals and children with disabilities or blindness who fall below certain income and resource thresholds.
People aged 65 & older without disabilities and those who meet the fiscal requirements can also get SSI payments. Two SSI payments were delivered in April, September, and December due to an anomaly in the payment schedule, but no checks are to be sent in January, May, and October.
All Social Security claimants can anticipate receiving a significantly larger payment in 2023. According to the SSA, monthly benefits from Social Security will rise by an average of more than $140 in 2019.
📄READ: SSS Circular 2022-028https://t.co/5CSS0L91y2
This Circular announces the Payment Schedule of Social Security (SS) and Employees' Compensation (EC) Contributions pic.twitter.com/U5raSCP6a3
— Social Security System (@PHLSSS) October 13, 2022
In 2023, it is anticipated that the average annual benefit for 65-year-olds will increase to $30,708, or $2,559 monthly. As of August 2022, the average monthly payout for all the Social Security beneficiaries was $1,546.59; thus, in 2023, it should be around $1,682, reports Yahoo.
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