Payments worth $1,848 on average will soon be sent by the Social Security Administration (SSA). Despite the fact that December 1 is the day when only Supplemental Security Income beneficiaries receive their money, this month will be an exception.
Remember that the first retirees to cash Social Security payments are those on benefits before May 1997. Their monthly check always arrives on the 3rd day of the month. The only exception is when the third day of the month is either a holiday or on the weekend.
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Since December 3 is a Sunday, it is not possible for retirees to receive their Social Security check on that day. That is the reason why the Administration had to reschedule this payday and set it in advance.
When will Social Security send the 1st payment to retirees in December 2023?
If you are on retirement benefits before May 1997, you will collect your payment on December 1. So, you will be able to enjoy your check two days before the regular payday.
The second round of Social Security payments for retirees will come on Wednesdays. They will arrive on the second, third, and fourth Wednesday in December. Obviously, it will only be for those who started collecting retirement benefits after May 1997 or in that same month.
What is more, the Administration has arranged the December payments depending on your birth date. In this way, they can receive their retirement benefits in a logical order. Therefore, the paydays for December will be on the 13th, 20th and 27th.
Do not forget that those whose birthday is from the 1st to the 10th will collect their payment on December 13th. December 20th will be payday for those whose birth date is from the 11th to the 20th. The last payment will be for those whose birthday is from the 21st to the 31st.
How much money can I receive for my Social Security retirement benefits in December 2023?
Although this is not a standard payment and not everyone collects the same money, there are average and maximum payments. The largest check at the age of 70 is $4,555 in 2023.
If you are 62 years old, you can cash up to $2,572 this year. Those at Full Retirement Age can receive up to $3,627. The average Social Security payment for retirees aged 62 and older is $1,848 in 2023.
The 2024 COLA increase will not arrive for seniors in 2023, they will have to wait until January 3, 10, 17, and 24 in 2024. They will receive an average payment of about $1,907.
Thanks to the COLA boost seniors will get more money. Then, they will be able to maintain their buying power with a 3.2% increase. SSI recipients will cash their 2024 COLA on December 29 as part of their January payment in advance. SSI checks will also arrive on December 1.
- December 1: SSI & retirement checks for those on Social Security before May 1997
- December 13: retirement checks if your birthday is from the 1st-10th
- December 20: retirement checks if your birthday is from the 11th-20th
- December 27: retirement checks if your birthday is from the 21st-31st