Who will receive up to $360 extra dollars in their Social Security payment?

More than 70 million Americans, including Social Security retirees and beneficiaries of Supplemental Security Income and other programs, depend on Social Security Administration checks sent month after month.

Last month the entity announced a new Cost of Living Adjustment (COLA) that will come into effect from the first month of next year, which was, as many specialists expected, at 3.2%, this will generate an increase in the payments of the benefits.

Although this adjustment is expected for 2024, some beneficiaries are already receiving extra payments of up to $360 this year. This means that in these last two remaining months of 2023, retirees with maximum benefits would be receiving up to $4,555 dollars.

This increase is taking into account last year’s base payment of $4,194 dollars and the COLA adjustment for 2023 which was 8.7% more than double next year. But by 2024, the maximum benefit is expected to rise to $4,700 per month.

Payment dates in November 2023

For the month of November, the payment dates will be as follows, both for SSI beneficiaries, retirees before 1997 and others:

• November 1: The SSA is expected to send the Supplemental Security Income (SSI) program benefit checks this Wednesday.
• November 3: This day corresponds to people who retired before 1997.
• November 8: the payment is for retirees who were born between the 1st and 10th of the month.
• November 15: the payment is for retirees who were born between the 11th and 20th of the month.
• November 22: the payment is for retirees who were born between the 21st and 31st of the month.

Calendar with new COLA settings

The new COLA adjustment will take effect in 2024 and payments to the 66 million retirees and 7.5 million SSI beneficiaries will begin to be sent with the increase on the following dates:

• January 3, 2024: Payments to beneficiaries who began receiving their benefits before May 1997.
• January 10, 2024: Payments for Retirees with a date of birth between the 1st and the 10th.
• January 17, 2024: Payments for retirees with a date of birth between the 11th and the 20th.
• January 24, 2024: Payments for retirees with a date of birth between the 21st and 31st.

Regarding the payment of the beneficiaries of the Supplemental Security Income (SSI), it will be made on December 29, 2023 since January 1, 2024 is a holiday.

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