The Social Security Administration will be distributing the final payments for this year in December. Next year’s payments will be larger, as the cost-of-living adjustment (COLA) for 2023 has been announced to be 8.7%, the largest increase since 1980, according to a report by CNBC on October 13, 2022.
Payment distribution will follow the same schedule as previous months, with those born between December 1 and 10 receiving their payment on December 14; those born between December 11 and 20 receiving their payment on December 21; and those born between December 21 and 31 receiving their payment on December 28. If a payment is not received on the expected date, recipients are advised to wait three additional mailing days before contacting the SSA, based on the guidelines released on the SSA website.
In addition to regular social security payments, Supplemental Security Income (SSI) benefits will also be distributed in December, usually on the first of the month unless it falls on a weekend, in which case they will be issued on the Friday before the first.
A report by Lorie Konish of CNBC on October 21, 2022, stated that all social security recipients can expect a significant increase in their monthly payments in 2023, with benefits increasing by more than $140 per month. The average yearly benefit for 65-year-olds in 2023 will be $30,708, or $2,559 per month. This year’s COLA adjustment of 5.9% has not adequately addressed the inflated cost of living for senior ccitizens