Everything You Need to Know about Social Security Checks in the USA
Retiring in the United States at age 62 comes with a famous Social Security Check. The Social Security Administration (SSA) has been providing monthly pensions to retirees since 1940. On average, the retirees receive $1,827 per month, but this amount may vary depending on the individual’s age range and contributions made throughout their career.
The basic basket continues to increase, and thus, the Social Security checks will continue to be distributed in the USA in 2023. These monthly checks help cover expenses that retirees face, and this article provides details on how to collect the Social Security payments and provides a calendar of payment dates.
The SSA has increased the cost-of-living-adjustment (COLA) by 8.7%, and therefore, retiree payments will increase by about $146. The average payment in January 2023 was $1,827, which is up $146 from an average check in 2022. Widowers with two children will receive an average check of $3,520, and couples that both receive Social Security benefits will receive an average of $2,972.
SSI recipients receive their payments on the first day of each month, and those who began receiving their Social Security payments before May 1997 receive their benefits on the 3rd of each month. The payment schedule for Social Security checks is based on the birthdate of beneficiaries. Payments for retirees born from the 1st to 10th of a month are sent out on the second Wednesday of the month. Payments for those born between the 11th and 20th are sent out on the third Wednesday of the month, and for those born between the 21st and 31st, payments are sent on the fourth Wednesday of the month.
In conclusion, Social Security checks are essential for retirees in the USA. The payment schedule is set up to facilitate distribution, and the payment amounts vary based on individual contributions and age. Stay informed on payment dates to avoid any inconvenience and make the most of your retirement!