Skip to content

A Joyous Surprise: Double Blessings for Social Security Beneficiaries This Week

  • by

Imagine waking up to a delightful surprise, not once, but twice in a week! That’s exactly what’s happening in many American households this week. They’re receiving not just one, but two Social Security payments! This unexpected joy is a result of the rules that oversee retirement and disability benefits.

Usually, the Social Security Administration sends out payments once a week, like clockwork, determined by the beneficiary’s birth date. But this week, some fortunate individuals are in for a treat as they’ll receive an extra payment, being eligible for both retirement and disability benefits.

Here’s the usual drill: Social Security payments are dispatched on a specific Wednesday each month, and your birthday decides which one. If you’ve been a beneficiary since May 1997 or earlier, you can look forward to your payment on the third of every month.

For the rest, your birth date is the magic number. If you were born between the 1st and 10th, your payment was sent on the romantic day of February 14th. Birthdays from the 11th to the 20th brought a payment on February 21st. And if you were born after the 20th, your payment arrives today, February 28th.

But the good news doesn’t stop there! March is ushering in additional payments. If you’re a recipient of both Social Security and Supplemental Security Income (SSI), you’ll find your SSI payment on March 1st and your Social Security check on March 3rd.

Those who have been with Social Security since 1997 or earlier, as well as those residing outside the U.S., will also receive their benefits on March 1st. The rest of the March payments will follow the usual schedule, based on birthdays.

A Welcome Relief: Deciphering the 2023 COLA

The year 2023 has brought a welcome relief in the form of a boost in Social Security benefits, with a 3.2 percent increase due to the cost-of-living adjustment (COLA). The top earners in Social Security could receive up to $4,873 if they retired at 70, but the average monthly benefit hovers around $3,822. For those who chose to retire at 62, the earliest retirement age, the monthly amount is $2,710.

On average, everyone’s payments saw a rise of about $50 a month because of the COLA. However, some seniors feel this increase falls short, especially when compared to last year’s 8.7 percent COLA.

The Social Security Administration calculates the COLA based on the consumer price index, but there’s been a lively debate about whether this method fully accounts for the real costs that seniors bear, such as housing and healthcare.

“Every retiree’s situation is unique, and whether the COLA meets their needs depends on their expenses and other income,” shares Jonathan Price from Segal, a benefits consulting firm, reminding us that each individual’s journey is different. It’s a gentle reminder that while we celebrate these increases, we must also remember to consider the unique circumstances and challenges each senior faces.

Social Security

Leave a Reply

Your email address will not be published. Required fields are marked *