In January, retirees received an average Social Security payment of $1,909.01, marking a 4.4 percent increase compared to the previous year.
This rise in payment value can be attributed to the 3.2 percent Cost-of-Living Adjustment (COLA) and the higher average incomes of retirees who commenced receiving benefits during the past year.
However, it is essential to keep in mind that the vast majority of beneficiaries do not receive payments of this magnitude, despite the fact that the average payment is reported to be greater than $1,900.
By the year 2022, the median payment had reached $1,590, and the only people who received payments that were higher than $1,900 were those who were in the highest quartile.
Feb 14th Social Security Payments: Who’s Eligible?
To date this month, the Social Security Administration (SSA) has disbursed payments to the following groups:
- Recipients of Supplemental Security Income (SSI).
- Individuals who have been receiving Social Security benefits since prior to May 1997.
- Beneficiaries receiving both Social Security and Supplemental Security Income.
Beginning on Wednesday, February 14th, the Social Security Administration will continue to distribute payments, giving priority to individuals whose birthdays fall between the first and tenth of any given month whenever possible.
Payments will be issued on different dates based on the individual’s birthday. Those with birthdays between the 11th and the 20th will receive their payments on Wednesday, February 21st, while those with birthdays between the 21st and the 31st will receive their payments on Wednesday, February 28th.
Beneficiaries are strongly encouraged to utilize the SSA’s online services for effective management of their benefits.
