Chicago, Illinois – The new year has brought an increase in Social Security checks for retirees, with the average payment now at $1,909.01, a 4.4 percent rise from last year. This boost is due to a 3.2 percent Cost-of-living adjustment (COLA) and the higher average salaries of retirees who began claiming benefits over the past year. However, it’s important to note that while the average payment is just over $1,900, most beneficiaries do not receive a check this size. In fact, the median check size was $1,590 in 2022, with only those in the highest quartile receiving payments over $1,900.
In terms of the upcoming payment schedule, the Social Security Administration (SSA) has already delivered payments to beneficiaries of Supplemental Security Income (SSI), as well as those who have been receiving Social Security benefits since before May 1997 and those who receive both Social Security and Supplemental Security Income. The remaining payments will be distributed on Wednesday, 14 February, to those with birthdays between the 1st and the 10th of any month. Subsequent payments will be made on Wednesday, 21 February, for those with birthdays between the 11th and 20th, and on Wednesday, 28 February, for those with birthdays between the 21st and the 31st.
The SSA is encouraging beneficiaries to take control of their benefits by using online services. In a recent blog, the agency emphasized the importance of creating a my Social Security account, which allows users to view their monthly benefit statement and estimate the value of their future checks. The portal can be accessed by both retirees and those who plan to claim benefits in the future, providing an avenue for individuals to plan and prepare for their financial future.