In less than 12 hours, millions of elderly residents will get direct payments totaling up to $4,194.
Retirees around the country are reportedly receiving Social Security payments this Wednesday, December 28, as The U.S. Sun earlier reported.
Recipients Of The Payouts
The recipients of the payouts will only be Americans who were born between January 21 and January 31.
For individuals with earlier birth dates, certain benefits were previously distributed on December 14 and 21.
Nationwide, almost eight million people get SSI benefits.
The benefits assist low-income, disabled people and children.
In 2022, the average monthly benefit paid to single retirees was $1,657.
In contrast, elderly couples have received $2,753 per month as their benefits rise by an average of $154.
Some seniors who choose to wait until they turned 70 before deciding to apply for benefits may most likely get the maximum $4,194 award.
In addition, the estimated rise in Social Security benefits in 2023 is expected as a result of the COLA’s increase to 8.7 percent.
Cost Of Living Adjustment
According to reports, the cost of living adjustment method is meant to maintain pace with inflation.
The Consumer Price Index for Urban Wage Earners and Clerical Workers, which tracks changes in the price of goods and services, provides the data used in its calculation.
The information seniors need to calculate their payment for 2023 is available in The U.S. Sun.
But at least 55% of Americans, according to a Motley Fool study, think that this year’s COLA increase wasn’t sufficient.
Significant Changes Anticipated
Despite this, significant changes are still anticipated to affect Social Security systems in 2023.
Additionally, on December 30, recipients of Supplemental Security Income are scheduled to receive a payout of $914.
According to the revised COLA, the amount for each person would rise by a maximum of $73.
The Social Security Administration states that individuals over 65 with modest incomes may also be eligible for benefits.
Both Social Security and Supplemental Security Income are available to Americans.
This extra payment is due on December 30 since New Year’s Day is a federal holiday this year and occurs on a Sunday.