inflation The prices of energy and everyday commodities have skyrocketed indefinitely over the past few months and many Americans count each month on their prices social Security assistance to cover their expenses.
The social Security Payments are made to beneficiaries on Wednesday according to their date of birth and on Wednesday the payment will reach those whose birthday falls between the 11th and 20th of the month.
How are Social Security payments scheduled?
Since the beneficiary’s birth date is what determines when they get their monthly payment, scheduling follows suit.
Birthdays from the first to the 10th of the month receive their payment on the second Wednesday of the month, birthdays between the 11th and 20th of their month get their Social Security payments on the third Wednesday of the month and finally those born between the 11th and 20th are paid on The twenty-first and thirty-first of the month on the fourth Wednesday.
The maximum amount a recipient can receive is $4,194 per month but the average retired worker at 1672 USDwith widows and widowers receiving a widow’s allowance $1,564.
This amount will rise like cost of living For the year 2023, this will increase the amount that beneficiaries receive from SSA as such cola calculated with Consumer price index Data, looking to adjust to avoid inflation from diminishing benefits.
It will increase the average monthly payment for retired workers by $147, according to the Social Security Administration.
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