As happens every year the Social Security Administration announced that at the beginning of this year 2023 all beneficiaries in the United States would have an increase in their retirement checks thanks to COLA. And this increase has taken place throughout the year making each and every check larger.
Undoubtedly, getting an annual increase in benefit checks helps retired Americans in a very effective way. Most of them have no other financial income, so any help is little. And for even more reason to celebrate, in 2023 we have had a record COLA, as each check has increased by 8.7%.
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This record increase has brought the maximum Social Security check of $4,194 per month to $4,555 per month. For that reason, in the next retirement payment we can still get the check with an increase of up to $360 over last year’s November payment.
And best of all, this increase doesn’t stop, as next year 2024 we will get another increase through the COLA. This increase will not be as large as the 2023 increase, but it will reach 3.2%, bringing the maximum Social Security age retirement payment up to $4,700. If we compare the $4,194 in 2022 and the nearly $4,700 we will get in 2024 the difference is very large.
WHEN WILL THE NEW SOCIAL SECURITY PAYMENT WITH THE EXTRA $360 ARRIVE?
Keep in mind that the $360 Social Security increase was only for cases where a retiree had the maximum benefit. In any case, each of the payments increased by 8.7%, regardless of the amount. Similarly, payments for other benefits such as Supplemental Security Income also got an increase through the COLA.
In just a few days we will enjoy the first of the payments this month. This payment will be on November 3rd, but before that we will have the Supplemental Security Income payment with its 8.7% COLA added. Here is the complete schedule of November payments and their requirements:
- November 1st. Supplemental Security Income payment. This check is only for recipients who have previously accepted payment. The maximum check is currently $914 per month.
- November 3rd. Only retirees with a pre-1997 benefit can collect Social Security on this day. The amount depends on each individual case.
- November 8th. Post-1997 retirees with a birthday between the 1st and 10th of the month will get payment on this day.
- November 15th. Beneficiaries with a post-1997 Social Security check with a birthday between the 11th and 20th of the month will receive a payment for this day.
- November 22nd. Any retiree with a post-1997 check and a birth date between the 21st and 31st of any month will be able to collect this benefit.
Remember that each of the checks is totally individual. This means that not all Social Security payments have increased $360 in this year 2023. A quick calculation is necessary to find out how much our check has increased and how much it will increase for next year 2024.
If we take last year’s amount we only need to add 8.7% to it to find out the money we get every month in 2023. Likewise, to the 2023 check we add 3.2% and we will get the Social Security payment in 2024.
What is Social Security?
The Social Security system in the United States is a federal program established in 1935 to provide financial assistance to retirees and disabled individuals.
Funded by payroll taxes on current workers and employers, it serves as a safety net for millions of Americans. Upon reaching a certain age, typically 65, citizens and eligible residents can begin drawing benefits based on their work history and the amount they’ve contributed to the system.
The program also extends benefits to survivors of deceased workers and offers disability benefits to individuals who cannot work due to significant health issues.
Over the decades, Social Security has evolved, adjusting benefit amounts and eligibility criteria to reflect changes in life expectancy and economic conditions.
While it remains a critical source of income for many retirees, there are ongoing debates about its long-term sustainability and potential reforms to ensure its continued viability.