The Social Security Administration (SSA) is set to issue special payments next Wednesday, November 22, benefiting more than 70 million recipients of its program. In a context where the average amount for a retired worker in 2023 is $1,827 dollars, those born between the 21st and 31st of the month could find themselves with a pleasant surprise by receiving up to $1,800 dollars in their monthly check.
Adding to the complexity of the Social Security payment system are factors such as retirement age, years of work, historical salary, and taxes paid to Social Security during that period. A retired worker can receive up to $4,555 as a maximum benefit for those who wait until full retirement age, which is currently 67 years old.
Additionally, it is essential to understand the SSA payment schedule. Those born between the 1st and 10th of the month receive their money on the second Wednesday, while those born between the 11th and 20th receive it on the third Wednesday. Beneficiaries born between the 21st and 31st of the month receive their payment on the last Wednesday of each month.
However, this pattern does not apply to those who retired before May 1997 or to Supplemental Security Income (SSI) beneficiaries, who receive their payments in the first days of the month.
For those curious about the future, December marks the end of the $1,800 payments, as starting in 2024, payments will increase by 3.2% thanks to the Cost of Living Adjustment (COLA). This adjustment will bring the average payment for a retired worker in 2024 to $1,907.