Social Security and Supplemental Security Income (SSI) benefits for about 70 million people in the United States increased by 8.7% in 2023.
The maximum amount of income subject to Social Security contributions (taxable maximum) has increased for 2023 to $160,200. The earnings ceiling for workers who have not reached “full” retirement age (see Complete Retirement Age Calculator) rose to $21,240. Additionally, for those who reach “full” retirement age in 2023, it will increase to $56,520.
There is no earnings limit for workers who reach “full” retirement age or who are older all year round.
WHAT WILL BE THE AVERAGE PAYMENTS
Average retiree payments reached about $1,827, the SSA revealed in January.
The maximum benefit for those retiring at age 62 is $2,572. Workers who retire at full retirement age (67) can receive a maximum benefit of $3,627 per month, and those who retire at age 70 or older have a maximum benefit of $4,555. $.
As for the average payments of Supplementary Security Income recipients, they are around $600. The maximum SSI benefit is $914 per month for an individual and $1,371 for a married couple when both spouses are eligible for the program.
However, payments are calculated individually and vary from recipient to recipient. Here’s how payouts to beneficiaries are calculated and how they’re affected by age.
To see your estimated future Social Security retirement benefits, visit this website.
WHEN PAYMENTS ARE RECEIVED
SSI recipients receive their payments on the first day of each month or on the last day of some months if the first day falls on a weekend. Those who started receiving their Social Security payments before May 1997 receive their benefits on the 3rd of each month. All other Social Security checks are sent based on the recipient’s birthday:
Second Wednesday of the month: pensioners whose date of birth is between 1 and 10
Third Wednesday: beneficiaries born between 11 and 20
Fourth Wednesday: pensioners born between 21 and 31
EXACT DATES FOR SUBMITTING 2023 SOCIAL SECURITY PAYMENTS:
MAYO
- May 1: SSI beneficiaries
- May 3: Beneficiaries who started receiving payments before May 1997
- May 10: Beneficiaries whose date of birth is between 1 and 10
- May 17: Beneficiaries whose date of birth is between 11 and 20
- May 24: Beneficiaries whose date of birth is between the 21st and the 31st
JUNE
- June 1: SSI beneficiaries
- June 2: Beneficiaries who started receiving payments before May 1997
- June 14: Beneficiaries whose date of birth is between 1 and 10
- June 21: Beneficiaries whose date of birth is between 11 and 20
- June 28: Beneficiaries whose date of birth is between 21 and 31
JULIO
- June 30: SSI beneficiaries
- July 3: Beneficiaries who started receiving payments before May 1997
- July 12: Beneficiaries whose date of birth is between 1 and 10
- July 19: Beneficiaries whose date of birth is between 11 and 20
- July 26: Beneficiaries whose date of birth is between 21 and 31
AUGUST
- August 1: SSI recipients
- August 3: Beneficiaries who started receiving payments before May 1997
- August 9: Beneficiaries whose date of birth is between the 1st and the 10th
- August 16: Beneficiaries whose date of birth is between 11 and 20
- August 23: Beneficiaries whose date of birth is between the 21st and the 31st
SEPTEMBER
- September 1: SSI beneficiaries
- September 1: Beneficiaries who started receiving payments before May 1997
- September 13: Beneficiaries whose date of birth is between 1 and 10
- September 20: Beneficiaries whose date of birth is between 11 and 20
- September 27: Beneficiaries whose date of birth is between 21 and 31
OCTOBER
- September 29: SSI beneficiaries
- October 3: Beneficiaries who started receiving payments before May 1997
- October 11: Beneficiaries whose date of birth is between 1 and 10
- October 18: Beneficiaries whose date of birth is between 11 and 20
- October 25: Beneficiaries whose date of birth is between the 21st and the 31st
NOVEMBER
- November 1: SSI beneficiaries
- November 3: Beneficiaries who started receiving payments before May 1997
- November 8: Beneficiaries whose date of birth is between 1 and 10
- November 15: Beneficiaries whose date of birth is between 11 and 20
- November 22: Beneficiaries whose date of birth is between the 21st and the 31st
DECEMBER
- December 1: SSI beneficiaries
- December 13: Beneficiaries who started receiving payments before May 1997
- December 20: Beneficiaries whose date of birth is between 1 and 10
- December 27: Beneficiaries whose date of birth is between 11 and 20
- December 29: Beneficiaries whose date of birth is between 21 and 31
To see the schedule, you can also go to this website.
Here you can find information about social security.