Social Security Retirees Receive Significant Payment Increase. In just a few days, retirees in the United States are poised to experience a notable boost in their Social Security benefits, with some seeing an increase of up to $360 in their next payment.
Annual COLA-Driven Increase for Social Security Beneficiaries
As is the annual tradition, the Social Security Administration has announced that, at the beginning of 2023, all Social Security beneficiaries in the United States will enjoy an increase in their retirement benefits, thanks to the Cost of Living Adjustment (COLA). This increase has been incrementally applied throughout the year, resulting in larger benefit checks for recipients.
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A Record-Breaking COLA Increase in 2023
In 2023, beneficiaries are celebrating a record-breaking COLA increase of 8.7%. This substantial hike has raised the maximum Social Security payment from $4,194 per month to $4,555 per month. As a result, the next retirement payment may see an increase of up to $360 compared to the November payment from the previous year.
Anticipating Future Increases
The good news is that the increase doesn’t stop here. In 2024, beneficiaries can expect another COLA-driven increase of 3.2%, raising the maximum Social Security retirement payment to nearly $4,700. This significant difference, when compared to the $4,194 in 2022, underscores the positive impact of these yearly adjustments.
When Will the $360 Increase in Social Security Payments Arrive?
It’s important to note that the $360 increase is specific to retirees who receive the maximum benefit. However, all beneficiaries have received an 8.7% increase, regardless of the benefit amount. This COLA-driven increase also extends to other benefits, such as Supplemental Security Income.
In just a few days, the first of the increased payments will be disbursed, with the November 3rd payment being the earliest. Additionally, the Supplemental Security Income payment with its 8.7% COLA increase will precede it. Here’s the complete schedule of November payments and their eligibility criteria:
- November 1st: Supplemental Security Income payment (for previous recipients only). The maximum payment is currently $914 per month.
- November 3rd: Social Security payments for retirees with pre-1997 benefits (amount varies based on individual cases).
- November 8th: Post-1997 retirees with birthdays between the 1st and 10th of the month will receive their payments.
- November 15th: Beneficiaries with post-1997 Social Security checks and birthdays falling between the 11th and 20th of the month will receive their payments.
- November 22nd: Retirees with post-1997 checks and birthdays between the 21st and 31st of any month will also collect their benefits.
Conclusion
It’s important to understand that each payment is unique to the individual, and not all Social Security payments will see an increase of $360 in 2023. Beneficiaries can calculate their adjusted monthly benefit by simply adding 8.7% to last year’s payment for 2023 and 3.2% for 2024 to anticipate the payment for the following year.
