2023 SSI Boosted Payments
Are you a Social Security beneficiary? If so, you’ll be pleased to know that your payments will be boosted this year by 8.7 percent thanks to the 2023 Cost of Living Adjustment (COLA) increase. This increase will help recipients keep up with inflation and meet financial needs.
The payment schedule for the spring has been released, with most beneficiaries who have birthdays between the first and the 10th of the month receiving their Social Security payment on March 8. Those born between the 11th and 20th of the month will receive their payments on Wednesday, March 15, and those born between the 21st and 31st of the month will get paid on Wednesday, March 22. It’s important to note that those who began drawing Social Security before May 1997 or receive both Social Security and SSI receive their payment on the third of the month.
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The amount of Social Security you receive depends on the age you choose to begin drawing. According to The US Sun, while you can sign up for Social Security as early as 62, you will receive a reduced benefit compared to what you would get if you waited until your Full Retirement Age (FRA). Your FRA depends on the year you were born and is currently between 66 and 67 for most retirees. However, delaying your payments until 70 can result in even more benefits.
Overall, don’t forget to check the payment schedule for the spring to determine when you will receive your SSI Boosted Payments. With the COLA increase and knowledge of maximizing your benefits, you can make the most out of your Social Security. By keeping up with the latest news and updates, you can ensure that you are receiving the maximum benefit possible.
READ ALSO: Amount of SSI Federal Payment 2023
