Inflation has driven up the prices of energy and everyday goods steadily over the past few months and many Americans rely on their Social Security help to make ends meet.
The Social Security payments are released to beneficiaries on Wednesdays based on their date of birth and this Wednesday the payment will arrive to those whose birthday falls between the 11th and 20th of the month.
How are Social Security payments scheduled?
Since the beneficiary’s date of birth is what determines when they receive their 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 20th of their month of birth receive their SS payment on the third Wednesday of the month and finally those born between the 21st and 31st of the month are paid on the fourth Wednesday.
The maximum amount a beneficiary can obtain is $4,194 monthly, but the average for retirees is $1,672widows and widowers receiving survivor benefits during $1,564.
This amount will increase as Cost of living adjustment has been announced for 2023, this will increase the amount received by recipients of the SSA as COLA is calculated with the Consumer price index data, seeking to adjust to prevent inflation from reducing the benefits.
The average monthly payment paid to retired workers will increase by $147, according to the Social Security Administration.