$4,555 Social Security COLA boost: Americans to receive 11 more payments in 2023

Millions of Americans will receive 11 more Social Security checks with an 8.7% cost-of-living adjustment increase, raising payments on average by $140 to $1,827, with a maximum benefit of $4,555, according to an article published by The U.S. Sun on January 14,. 2023.

The distribution of Social Security payments is based on the recipient’s birthdate. Specifically, depending on the day of the month you were born, your payments will be deposited on the second, third or fourth Wednesday of each month.

For example, if your birthdate falls between the first and tenth of the month, your payments will be deposited on the second Wednesday of every month. It’s worth noting that this schedule is designed to ensure that all beneficiaries receive their payments in a timely and consistent manner.

The Social Security Administration follows a schedule for depositing benefits for individuals, as stated in an article published by Investopedia. If your birth date falls between the 11^th and 20^th of the month, your benefits will be deposited on the third Wednesday of each month.

If your birth date falls between the 21^st and 31^st of the month, your benefits will be deposited on the fourth Wednesday of each month. It is important to note that there are a total of 11 payments for the year, each payment being up to $4,555 for individuals receiving Social Security benefits.