:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/ILFLVIN3CNDC7KSAAD734EWETA.jpg "Social Security: when will the next December 2023 payments be and for whom | MIX")
Social Security Payments December 2023: What You Need to Know
The Social Security Administration (SSA) has been busy making the final payments for 2023 and preparing for only one payment in 2024. With millions of retirees and beneficiaries relying on these payments, here’s what you need to know about the pending deposits and what to expect in the new year.
In December, the SSA must make a total of six payments to pensioners and beneficiaries. The first five correspond to payment number 12 and the last one of 2023, with another payment in January. So far, three payments have already been made, with the last payment on December 29th for beneficiaries of Supplemental Security Income (SSI) corresponding to January 2024.
The average Social Security payment varies significantly depending on the age at which you retired and your Social Security contributions throughout your working career. The average payment for a retiree is $1,827, while those who retired at age 62 receive a maximum of $2,572 per month. Those who retired at age 67 can receive up to $3,627, and those who delayed retirement until age 70 can obtain a maximum payment of up to $4,555.
For SSI beneficiaries, the average individual payment is $943, with the average payment per couple at $1,415 and an essential person receiving $473.
For those looking for more information about Social Security payments, the government entity’s website provides all the necessary information, including information available in Spanish.
Looking ahead to 2024, the first checks will arrive with a Cost of Living Adjustment (COLA) of 3.2%, with some individuals seeing an increase from $4,555 to $4,822 for having reached the maximum retirement amount.
Women, who make up 55% of Social Security beneficiaries, will also see an increase in their pensions in 2024. The average benefit for a retired woman for 2024 will be approximately $1,711 per month, compared to $1,658 in 2023, according to recent data from the Social Security Administration. This marks an increase of $53 for the new year.
As we head into 2024, many individuals, especially retirees and SSI beneficiaries, will be closely monitoring their Social Security payments to ensure they have the financial support they need in the coming year.