What's the 2023 Social Security Payment Schedule?

When you begin your new journey as a retiree, it’s essential always to plan and budget accordingly to stay one step ahead. One of the most crucial things to keep track of is the Social Security payment schedule and when you can plan on receiving your Social Security payments each month. Below we’ll dive into 2023’s Social Security payment schedule, so you can be better prepared to plan your finances throughout the new year.

Nearly half of the older Americans throughout the country live within a household where Social Security payments make up to half of their monthly income. Because of this, it’s essential to understand when benefits can be received to better prepare for monthly bills and expenses. Over 99% of Americans receiving Social Security benefits get a direct deposit, while the remaining 0.8% receive a monthly physical check. Social Security benefits (survivors, disability, and retirement) are distributed every Wednesday. When precisely a beneficiary receives, their payment will depend on their birthday. For example:

If you’re born between the 1st and 10th of the month, you’ll get your payment on the second Wednesday of every month.

If you’re born between the 11th and 20th of the month, you’ll get your payment on the third Wednesday of every month.

If you’re born between the 21st and the 31st of the month, you’ll get your payment on the fourth Wednesday of every month.

However, if you’re receiving SSI benefits, you can expect these to be on a different payment schedule. These benefits are paid on the first day of every month. But if the first falls within a weekend day, you’ll receive your payment on the last Friday of the prior month. In 2023, there won’t be any SSI payments in January, April, July, and October, meaning beneficiaries will get their payments at the beginning and end of March, June, and September.

Social Security payments come in a variety of different types of benefits. These include retirement, survivors, disability, and SSI benefits. Let’s look further at the differences between these benefits below:

The Social Security Administration (SSA) provides three different types of benefits.

Retirement

SSA’s retirement benefits are probably the most popular benefits out of the entire Social Security program. When you work, part of your taxes contributes to the Social Security program. To qualify for retirement benefits, you must earn at least 40 Social Security credits, equating to 10 years of working. Adults can retire at 62 years old and start collecting benefits at a reduced amount. However, you’ll be eligible for full retirement benefits if you wait to retire until you turn 66 or 67. You may delay benefits until age 70 and get an increased monthly benefit amount.

Disability

You might qualify for disability benefits through the SSA if you meet specific qualifications. Typically, the program is designed for those 65 and older unless you meet the requirements that allow coverage before 65. You must have paid into Social Security taxes and earned enough credits. These required credits will vary depending on your age when you first became disabled.

Survivor

SSA’s survivor benefits are designed to help support family members (spouse, parents, and children) of those dependent upon a worker who’s paid into Social Security and has since passed away. Individuals who qualify can receive monthly payments after losing their loved one who supported them. For example, you may qualify for survivor’s benefits if you’re a widow at least 60. If you’re a widow caring for the deceased’s child, age 16 or under, there’s no specific age threshold under which you need to fall under. If you are the divorced spouse of the deceased, you may also be eligible if your children are 19 or under.

Supplemental Security Income (SSI)

A fourth benefit is also available through the SSA for beneficiaries. The Supplemental Security Income (SSI) is based on beneficiaries’ needs, particularly those with low income and limited resources who can’t earn enough income independently. You must be 65 or older to qualify for SSI benefits, and the amount you’re rewarded each month depends on various factors, such as where you live, how many are in your household, and your current income level. Work credits aren’t required to receive SSI benefits.

What is a Cost-of-Living adjustment (COLA)

It’s no secret that the current living cost is steadily rising daily. Because of this, the Social Security benefits also increase to stay up-to-date with the cost of living. To help offset the increase in inflation costs, the SSA administers a cost-of-living adjustment (known as COLA). COLAs are determined by cost increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers, also known as the CPI-W. The CPI (Consumer Price Index) indicates the average costs of goods and helps to measure and keep track of inflation. In 2023, the COLA is 8.7%, meaning that an individual who’s gotten $10,000 in Social Security benefits within 2023 would receive $10,870 2023.

Not everyone will receive their Social Security payment at the same time as each other. When you receive, your payments depends wholly on your birthday.

Birthdays between the 1st and 10th of the month

If you’re born between the 1st and 10th of the month, you’ll get your Social Security payment on the second Wednesday of every month.

Birthdays between the 11th and 20th of the month

If you’re born between the 11th and 20th of the month, you’ll get your payment on the third Wednesday of every month.

Birthdays between the 21st and 31st of the month

If you’re born between the 21st and 31st, you’ll get your Social Security benefits on the 4th Wednesday of every month.

Receiving your SS Payments

These days, getting your Social Security payment is easier than ever. Payments are made quickly and efficiently, from paper checks to electronic deposits in 2023.

How do you receive payments?

Payments can be a direct deposit directly into your bank account. You can enroll at your local Social Security office to sign up for this option. You’ll need to provide your bank account information, such as your routing number, account number, and account type. Another option for beneficiaries is a Direct Express card, essentially a debit card on which your benefits are electronically loaded. This can be used at banks, ATMs, stores, online, and more. If you prefer not to receive payment electronically, you may also accept paper checks via mail.

What to do if your payment doesn’t arrive on time?

Social Security payments may not always be on time for various reasons. Some of these reasons can include slowdowns within the process at the SSA, initial benefit delays with new Social Security benefits, and changes to your payment modes. If you find that your payment is running late, be sure to contact the SSA right away. If, for some reason, an entire region is impacted due to inclement weather or other circumstances, the SSA typically puts out a message to all beneficiaries alerting them that benefits may take longer to process.

Expectations for 2023

Beginning January 1, 2023, Americans will get an additional 8.7% COLA to Social Security benefits to help offset the increase in inflation. This is the most significant COLA since 1981. This increase means more than an additional $140 increase to the average retiree on Social Security benefits, bringing benefits up to $1,827 monthly for an individual or $2,753 per month for a couple. Disability benefits will also increase an additional $119 monthly, making the monthly benefit $1,483. Disabled workers with children will receive an increase of $133 each month, bringing the monthly benefit to $2,616. Widowed mothers with at least two children will get an average increase of $282, bringing the monthly benefit to $3,520.

FAQs

2023’s Social Security payment schedule is based on birthdays. The schedule is as follows:

If you’re born between the 1st and 10th of the month, you’ll get your payment on the second Wednesday of every month.
If you’re born between the 11th and 20th of the month, you’ll get your payment on the third Wednesday of every month.
If you’re born between the 21st and the 31st of the month, you’ll get your payment on the fourth Wednesday of every month.

The Social Security COLA will be increasing in 2023. The increase in cost-of-living adjustment increase is 8.7%.

How much can SSDI be in 2023?

SSDI benefits will increase by $119 per month in 2023. So, disabled workers can expect $1,483 each month, and those who have a spouse and children will see an increase of $209 per month, equating to $2,616 per month.

SSI payments arrive on the third day of each month. However, you must have been born before May 1997 or receive SSI and Social Security.

What’s the payment schedule for SSDI?

SSDI payments are distributed on the third day of each month. But if the third day falls on a weekend or holiday, you’ll receive payment on the nearest business day.

If you still have questions about Social Security or want to understand better your current health plan and how it correlates to your Social Security benefits, call us to fill out our online rate form. You can compare coverage from top providers in your area.

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Written By:

Lindsay Malzone, Lindsay Malzone is the Medicare editor for Medigap.com. She's been contributing to many well-known publications since 2017. Her passion is educating Medicare beneficiaries on all their supplemental Medicare options so they can make an informed decision on their healthcare coverage.

Reviewed By:

Rodolfo Marrero, Rodolfo Marrero is one of the co-founders at Medigap.com. He has been helping consumers find the right coverage since the site was founded in 2013. Rodolfo is a licensed insurance agent that works hand-in-hand with the team to ensure the accuracy of the content.