Social Security 2023 Update: Millions to Receive $4,555 Payment Soon
Millions of Americans are still anticipating a $4,555 payment this month, and it's just around the corner.
If your birthdate falls before the 21st of the month, you should have already
Received your October payments on the second and third Wednesdays of this month.
In 2023, beneficiaries can look forward to two more payments before
the new cost-of-living adjustment (COLA) takes effect next year.
The 2024 COLA, announced on October 12, is set at 3.2 percent,
which is notably lower than this year's historic increase of 8.7 percent.
This reduced COLA will result in an average monthly increase of $58 in Social Security retirement payments.
Recipients will see this new COLA reflected in their payments starting in January.
As of this year, the average Social Security check amounts to $1,827, with the maximum benefit capped at $4,555.