Millions of Social Security recipients will receive their third increased payment starting March 8th. According to a report by The US Sun on March 5, 2023, The payments, which are boosted by 8.7%, are thanks to the 2023 Cost of Living Increase (COLA) and are designed to help beneficiaries keep up with inflation. Retirees will be getting an average of $140 more each month this year than they did last year.
Based on a report by CNET on March 4, 2023, beneficiaries whose birthdays fall between the first and 10th of the month will receive their payment on Wednesday, March 8th, while those born between the 11th and 20th will be paid on Wednesday, March 15th. Those born between March 21 and March 31 will receive their payment on Wednesday, March 22nd.
Social Security payments are paid on the second, third, or fourth Wednesday of each month, depending on when the beneficiary began receiving payments. However, those who began receiving payments before May 1997 or receive both Social Security and SSI will receive their payment on the third of the month. The benefit amount depends on the age at which the beneficiary starts drawing Social Security, with reduced benefits for those who start at 62 and increased benefits for those who wait until age 70, as reported by The US Sun.
SSI recipients received the first of two payments on March 1st, with the second payment to be made on March 31st for April. Future payments will be on the second, third, or fourth Wednesday of April, May, and June, and SSI beneficiaries get paid on the first of the month or the nearest business day.