The latest cost-of-living adjustment or COLA for Social Security benefits and SSI payments is 8.7% in 2023. It will be the biggest benefit increase since 1981.
Social Security payment recipients will see boosted checks as early as December 2022. The Social Security increase was due to the cost-of-living adjustment of 8.7%.
Millions of Americans may expect two SSI payments totaling up to $1,755 before December 31. Eligible retirees and survivors will get $841 in their first Social Security payment check on December 1, followed by an average of $914 in their second payment check on December 30.
Social Security payments beneficiaries will experience a double-digit figure for the 2023 COLA increase for the first time in more than four decades as rising inflation rates continue in the United States.
A Social Security card is an important tool to get your Social Security payments. In addition, it enables government agencies to identify their records and businesses to review an individual's financial background.
Social Security payments recipients are looking forward to receiving their benefits for the month of November, eyeing a major increase reflected on their checks.
The Social Security Administration is expected to send letters to beneficiaries in December, including information about how much their Social Security benefits will be next year, taking into account the 2023 COLA.
Social Security payments are part of the retirement plan for every worker across the United States, helping retirees and their families by providing a replacement for income.
Social Security payments can be distributed in different ways, including in the form of a debit card or by a Social Security direct deposit into their bank account.
