Inflation has made energy and every day goods prices soar endlessly for the past few months and many Americans rely each month on their Social Security assistance to make ends meet.
The Social Security payments are disbursed to beneficiaries on Wednesdays according to their birth date and this Wednesday the payment will arrive to those whose birthday falls between the 11th and the 20th of the month.
How are Social Security payments scheduled
Since the beneficiary’s birth date is what determines when he gets his monthly payment, the scheduling follows this order.
Birthdays from the first day of the month to the 10th receive their payment on the second Wednesday of the month, while those between the 11th and the 20th of their birth month get their SS payment on the third Wednesday of the month and finally those born between the 21st and the 31st of the month get paid on the fourth Wednesday.
The maximum amount a recipient can get is $4,194 dollars monthly but the average for retired workers is at $1,672, with widows and widowers receiving survivor benefits for $1,564.
This amount will go up as the Cost-Of-Living-Adjustment was announced for 2023, this will increase the amount received by beneficiaries from the SSA as COLA is calculated with the Consumer Price Index data, looking to adjust to avoid inflation from shrinking the benefits.
The average monthly payment made to retired workers will increase by $147 dollars, according to the Social Security Administration.