Social Security payments in the United States have a maximum figure. These types of benefits, which are not just for age or disability retirees, can reach a maximum check of $4,555 in 2023 for all categories.
This does not mean that all Social Security categories are eligible for such a large payment. What it does mean is that the maximum payment the Benefits Administration can send is $4,555. Each category has a maximum check and it depends on several factors.
Also, Social Security payments are not only for age or disability retirees, as we have discussed. There are also other benefits that the Administration sends every month. There are groups of orphans, there are also groups of spouses and, of course, there are also groups of widows or widowers with a benefit.
This financial help is really useful for all these beneficiaries, regardless of which group they belong to. Getting a check from Social Security can make more than one of the citizens can have a better standard of living and, therefore, can live happier and with more peace of mind.
And the COLA takes care of that, too. And that is that the Cost of Living Adjustment helps all Social Security recipients to somehow cope with inflation and general price increases. Starting in January 2024 we will see this increase, which will cause all retirees to see a larger check.
WHAT WILL BE THE SOCIAL SECURITY INCREASE FOR WIDOWS AND WIDOWERS?
The United States Government along with the Social Security Administration has announced a COLA increase of 3.2%. This means that each and every check issued by this entity will carry from next year 2024 an increase of that amount.
So the increase in your benefit will depend directly on what your benefit is. If, for example, our widow’s benefit is $1,000 in 2023, the payment will be $1,030. This is an increase of $30 per month. So each month you will get $30 more in your check that you can use for whatever you need.
If, on the other hand, our Social Security widow’s check is, say, $3,000 a month, the benefit will increase much more. The larger the amount of our check the larger the increase we will see starting in January 2024. In the case of a $3,000 payment the check will reach $3,090. This means that we will get an extra $90 per month.
WHEN DOES THE 2024 COLA TAKE EFFECT?
Although the COLA does not officially take effect until 2024 many Americans will be able to start enjoying this increase in 2023. This is due to a slight irregularity in the timing of the payments. If we have Supplemental Security Income we can get the 2024 COLA early.
To do this we must have Direct Deposit activated. This is the fastest method of payment and will help us get our benefits directly without having to wait for a moment. In this case, the January SSI payment would arrive on December 29, 2023.
The reason for this small change is very simple. Since January 1st is a holiday, the Social Security Administration will send out the SSI check on the immediately preceding business day. Therefore, the payment becomes on the 29th day of December 2023. This is how we can enjoy the COLA early.
Still, the rest of the January 2024 payments will arrive as usual and all of them will have the COLA added. So for widow’s, spouse’s, disability or other Social Security payments they will have their respective usual days on the calendar. We just have to be a little patient to start getting this increase. Even so, we don’t have to do anything else to cash the check, so just having the benefit accepted is enough.