Social Security checks up to $4,555 in June 2023: Who will receive them and when?
The SSA is preparing to send Social Security checks worth up to $4,555 in June. Who gets them and when will they arrive?
Since 1940, the Social Security Administration (SSA) has sent monthly benefits to retired workers.
SSA calculates the monthly payments for each individual beneficiary each year based on the “primary insurance amount” (PIA). The benefits amounts may be affected by the age of the beneficiaries, as well as the increase in the cost of living adjustment (COLA) that is announced each year in October. All of these variables mean that benefit amounts differ widely, with a select few eligible for the maximum benefit of $4,500 in June.
Maximum Social Security check worth up to $4,555 in June 2023
The Social Security Administration reported that in 2023, the average retiree payments increased to around $1,827, thanks to an 8.7 percent rise in the COLA.
On the other hand, the maximum benefit for someone who retires at full retirement age, that is, at age 67, is $3,627 per month. Meanwhile, recipients who waited until age 70 or older to retire may be eligible for a monthly payment of up to $4,555.
Social Security Checks in June 2023: Exact Mailing Dates
Generally, SSA sends SSI benefits on the first day of each month, except for months where the first of the month falls on a Saturday, Sunday, or public holiday. However, this means that the following month they will not receive a payment.
Double SSI payment in June
The SSA is also tasked with distributing Supplemental Security Income (SSI) benefits, which are paid on the first of the month. This means that like, Social Security payments, if the first falls on a weekend or holiday, the check is sent on the Friday before. On Thursday, SSI beneficiaries will receive their first payment of the month. On 30 June, the SSA will send July’s payment to avoid any delays for recipients. Therefore, SSI beneficiaries will obtain two payments in June but none in July.