Social Security Payments Update: When Will You Get Your Money This November 2022?

Social Security payments recipients are looking forward to receiving their benefits for the month of November, eyeing a major increase reflected on their checks.

CNET reported that the increase may be reflected in January 2023. However, it starts in immediately in December for Supplementary Security Income.

Recipients can check their benefits online on the Social Security Administration's website, but make sure that you sign up for a My Social Security account by November 15.

The SSA determines its payment schedules on three different Wednesdays of each month, which is the second, third, and fourth.

Recipients' birthdays determine which Wednesday they will be receiving their money. Meanwhile, SSI recipients usually receive their payments on the first of each month.

Recipients with birthdays falling between the 1st and the 10th of the month will receive their Social Security payments on the second Wednesday of the month.

Meanwhile, those with birthdays falling between the 11th and 20th will receive their payments on the third Wednesday of the month.

Recipients celebrating their birthdays between the 21st and 31st will receive theirs on the fourth Wednesday of the month.

Social Security Payments: November 2022

Yahoo Finance report noted that recipients will get their November 2022 payment with this year's 5.9% cost-of-living adjustment.

Following the payment schedules of Social Security, recipients with birthdays on the 1st and 10th of the payment will receive their payments on November 9.

Those with birthdays falling between the 11th and 20th will have their Social Security payments distributed on November 16.

Lastly, those with birthdays between the 21st and 31st of the month will see their payments on November 23.

Social Security advises its beneficiaries to wait for three additional mail days if they have not received their payments on the scheduled date.

Meanwhile, SSI recipients will receive a payment in November after not receiving an SSI payment in October.

SSI benefits are usually paid on the first day of the month unless the 1st falls on a weekend. If that is the case, payments will be issued the Friday before the 1st.

Social Security Payments Update

An 8.7% increase will be applied to beneficiaries' checks in 2023. It was considered to be the highest increase in 40 years.

In 2023, the Social Security recipient receiving retirement benefits will see an increase of $146 per month, making it $1,827 from $1,681 in 2022.

In September, the Senior Citizens League estimated that COLA could be 8.7% in 2023.

The cost-of-living adjustment was reported higher in 1981, which was an increase of 11.2%.

Cristina Martin Firvida, vice president of government affairs at AARP, noted that it can be described as an "exceptionally good news day for older Americans," with their COLA going up and Medicare premiums going down.

However, the director of government relations at the National Committee to Preserve Social Security and Medicare said COLAs are "all about people treading water."

Dan Addock said that officials are trying harder "to provide inflation protection so that people can maintain their standard of living."

Notices online may be posted on the SSA website starting in December, showing how much your checks will be receiving with the COLA hike.

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Social Security benefits to get biggest boost in more than four decades - from CBS News