When November 2022 Benefits Will Be Sent

Date:

fizkes / iStock.com

Social Security recipients only have a few months to work it out with 2022 payments before they can look forward to much bigger checks next year. Earlier this month, the Social Security Administration announced that the cost of living (COLA) adjustment will reach 8.7% by 2023 — the largest increase in 41 years.

Social Security Updates: The 4 Biggest Changes Coming in 2023
Find: 5 Things to Do When Your Savings Hit $50,000

However, when you receive your November 2022 payment, it will still reflect this year’s COLA of 5.9% — an adjustment that has done little to help seniors cope with an inflation rate above 8%.

As usual, Social Security payments in November will be made on the same monthly schedule, with payments on the second, third, and fourth Wednesdays of the month. Here’s a quick overview:

  • If your date of birth is on the 1st-10th of the month, your payment will be paid on Wednesday 9 November.

  • If your date of birth is on the 11th-20th, your payment will be made on Wednesday, November 16.

  • If your date of birth is on the 21st-31st, your payment will be made on Wednesday, November 23.

If you don’t receive your payment by the expected date, the SSA recommends three additional shipping days before contacting Social Security.

Seniors who are also eligible for Supplemental Security Income (SSI) benefits will receive benefits again in November after not receiving benefits in October. According to the SSA website, SSI payouts are usually paid on the 1st of the month unless the 1st falls on a weekend, in which case payments are made the Friday before the 1st.

The SSI program is administered by the Social Security Administration and provides monthly payments to adults and children with disabilities or blindness who have income and resources below certain financial limits. SSI benefits are also made to non-disabled people over 65 who meet the financial qualifications. Due to a payment schedule variance, two SSI checks will be sent in April, September, and December, while no checks will be sent in January, May, and October.

One thing all Social Security recipients can look forward to is a much larger payment in 2023. On average, Social Security benefits will increase by more than $140 per month next year, the SSA said. The average annual benefit for 65-year-olds in 2023 is expected to rise to $30,708, or $2,559 per month. The average monthly benefit for all Social Security recipients was $1,546.59 as of August 2022, meaning it should be about $1,682 by 2023.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: Social Security Schedule: When the Benefits Will Ship in November 2022

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related