Social Security Payment Schedule 2023 (2024)

When it comes to managing your life as a retiree, it almost goes without saying that you’ll need to keep abreast of the yearly Social Security tweaks and adjust your budget accordingly. However, with so much new information to keep track of, it can be easy to forget some of the smaller details, such as when benefit payments are distributed—especially considering that this answer isn’t exactly clear-cut and varies from person to person. As such, we have put together a Social Security benefits payment schedule for 2023, which can be found below.

Understanding Social Security Payments

Social Security, officially known as the Old Age, Survivors, and Disability Insurance (OASDI) program, provides monthly monetary benefits to qualified workers and their dependents (if any). It’s considered an entitlement program wherein employees, employers, and the self-employed finance these benefits with their Social Security taxes, which are then put into two Social Security trust funds. Eligibility and benefit amounts are based on an individual’s contributions to Social Security and work history (or that of their spouse/parent(s)).

The Social Security Administration (SSA) offers three types of Social Security benefits:

• Retirement: This is the best-known variety of Social Security benefits. It's available to individuals age 62 or older who have worked a minimum of ten years. The amount someone receives in retirement benefits is dependent on their pre-retirement salary and the age at which they begin collecting benefits. Additionally, a retiree’s spouse (whether currently married or divorced) also may be eligible for Social Security retirement benefits, regardless of whether or not they have paid into the program.
• Disability: People who are unable to work due to a disability are eligible for Social Security Disability Insurance (SSDI) benefits as long as they have worked a certain number of years beforehand. The amount of work required varies based on an individual’s age, while the monthly payment depends on their pre-disability salary. Like retirement benefits, SSDI also may be available for a retiree’s spouse (whether current or former).
• Survivor: Survivor benefits are typically available for widows and widowers, qualifying divorced spouses, and the children of a deceased worker/retiree following their passing. The benefit amount varies based on the worker’s salary and age at death, in addition to the survivor’s age and relation to the deceased individual. An additional death benefit is also available, which is a one-time payment of $255 that is distributed to the spouse or children of a deceased retiree.

Supplemental Security Income

There is a fourth kind of benefit made available by the SSA, though it isn’t part of Social Security. Financed by general tax revenues, Supplemental Security Income (SSI) is a needs-based program designed to help those with limited income and resources who are unable to earn sufficient wages on their own.

Adults and children with disabilities, as well as individuals age 65 or older, are eligible to receive SSI benefits. The amount retirees are given depends on federal and state laws, which take into account their place of residence, who lives with them, and their other sources of income. No work credits are required, and those with enough work history may be eligible for both SSI and Social Security benefits.

Cost-of-Living Adjustments

Social Security benefit rates rise in tandem with the cost of living, as measured by the U.S. Department of Labor’s Consumer Price Index (CPI-W). This index is boosted by increased inflation rates that raise the cost of goods and services. To offset these costs and ensure that the purchasing power of Social Security benefits isn’t eroded by inflation, the SSA will issue what’s known as a cost-of-living adjustment (COLA).

According to a formula outlined in the Social Security Act, COLAs are based on increases in the CPI-W. Specifically, a COLA is equal to the percentage increase in the CPI-W from the average for the current year’s third quarter to the average for Q3 of the prior year in which a COLA was enacted. Increases must be rounded to the nearest tenth of 1%. Should there be no increase, or if the end result rounds to zero, no COLA is issued for that year.

Payment Schedule for 2023

Approximately half of older Americans reside in households where Social Security benefits comprise a least 50% of their income, and 25% of this group depend on their monthly payment for the majority (if not all) of their earnings. As such, it’s important for retirees to be aware of when they will receive their benefits. While this is especially crucial to the 0.8% of beneficiaries who need to be on the lookout for a physical check each month, the remaining 99.2% still ought to know when their Social Security income is being direct deposited to ensure that they aren’t spending more money than they actually have.

Social Security retirement, disability, and survivor benefits are distributed on one of three Wednesdays each month for beneficiaries who began receiving benefits after May 1997. When a beneficiary receives their payments depends on their birth date, as described below:

• If you were born between the 1st and the 10th, you will receive your Social Security payments on the second Wednesday of each month.
  
• If you were born between the 11th and the 20th, you will receive your Social Security payments on the third Wednesday of each month.
  
• If you were born between the 21st and the 31st, you will receive your Social Security payments on the fourth Wednesday of each month.

SSI benefit payments follow a different schedule. Specifically, SSI benefits are distributed on the first of each month. Should the first of the month fall on a weekend, then the new payment date will be the last Friday of the prior month. For 2023, there will be no SSI benefit payments in January, April, July, and October, while beneficiaries will receive their payments at both the beginning and end of March, June, and September.

Exceptions to the Payment Schedule

There are several cases where the default payment schedule isn’t followed, and Social Security benefits are paid at a different time. The current exceptions include:

• Payment to children or spouses who receive benefits based on someone else’s work record will be paid on the same day as that primary beneficiary.
• Benefits to individuals who also receive SSI due to disability, age, or blindness will be paid on the 1st of each month.
• Individuals whose payment date falls on a federal holiday or weekend will be paid on the weekday immediately prior.

In addition, Social Security payments will automatically be issued on the 3rd of each month to individuals who:

• Filed for benefits before May 1, 1997
• Also receive Supplemental Security Income payments
• Have their Medicare premiums paid for by the state where they live
• Live in a foreign country

Getting Your Payments

The SSA began phasing out paper checks roughly a decade ago. Social Security benefits are now issued electronically. Individuals receiving benefits have a few digital options.

First, Social Security benefits can be distributed via direct deposit. Individuals can visit their local branch or contact their Social Security office to sign up. Individuals should be prepared to present their Social Security number, their financial institution’s routing number, their account number, and their account type (checking or savings).

Social Security benefits can also be awarded via a Direct Express card. A Direct Express card is a debit card that can be used to access benefits without the use of a bank account. Monthly benefits are deposited directly to the card, and individuals can use the card to make purchases. The Direct Express card can also be used at ATMs, banks, or credit unions to get cash.

What If Your Payment Hasn’t Arrived Yet?

For several reasons, Social Security payments may sometimes be late. Those reasons can include but are not limited to:

• Delays for initial Social Security benefits
• Process slowdowns at the SSA
• Updates to your personal information, such as your mailing address
• Changes to your payment information, such as a new checking account
• Inclement or severe weather

If your Social Security payment is late, contact the SSA immediately. For delays potentially caused by changes in your personal information, contact your local SSA office.

The SSA often issues notices of delays that collectively impact a region or a number of individuals. For example, the SSA may post updates on delayed payments in areas affected by severe weather. For delays potentially impacting other individuals, monitor SSA communication and media channels.

Consider waiting a few business days for nonemergency delays. Benefits, though not yet received when they should have arrived, may already be in transit and late due to the post office, bank, or SSA. Contact the SSA when you feel it’s appropriate, recognizing that it may request that you wait longer to ensure payment has truly gone missing.

What Beneficiaries Can Expect in 2023

The SSA announced its annual changes to the Social Security program for 2023 on Oct. 13, 2022. More than 65 million Americans began receiving an 8.7.% COLA increase to their Social Security benefits beginning on Jan. 1, 2023. This representsthe largest cost-of-living adjustment since 1981 and it is primarily due to a spike in inflation resulting from ongoing economic difficulties partially caused by the COVID-19 pandemic. The increase was 5.9% in 2022 and before that COLA averaged just 1.65% per year over the previous ten years while inflation remained low.

This increase amounts to more than $140 for the average retired worker, according to estimates released by the SSA. It raises their total benefits to $1,827 per month in 2023. Couples will experience an averagebenefits increase of $238 to $2,753 per month.

Disability benefit average payments increased by $119 to $1,483 per month.Disabled workers with a spouse and one or more children experienced an average$133 increase to $2,972 per month. Widows and widowers found that their averagebenefits increased by $209 to $2,616 per month. Widowed mothers with a minimum of two children received an average$282 increase to $3,520.

In addition to the COLA, several other major Social Security changes went into effect beginning in 2023:

• The maximum amount of earnings subject to the Social Security tax, also known as the taxable maximum, increased to $160,200.
• The earnings limit for workers receiving benefits who are younger than their full retirement age increased to $21,240. Recipientswho go above this limit will have $1 of benefits deducted for every $3 earned above $21,240.
• The earnings limit for still-employed beneficiaries who reach their full retirement age in 2023 increased to $56,520. Recipientswho go above this limit will have $1 of benefits deducted for every $3 earned above $51,960 until the month they reach their full retirement age.
• The retirement age for Social Security increased by two months each year until it reaches 67 for those born in 1960 or later.The full retirement age for anyone who turns 64 in 2023 is 66 and ten months.
• The credit-earning threshold increased by $130 to $1,640 in earnings per credit for 2023.

The Bottom Line

When it comes to Social Security, there are many rules and much detailed information to be mindful of. Even minor mistakes can have a noticeable impact on your life in retirement. Accidentally overspending on your weekly budget because you thought your monthly Social Security benefits had already been deposited shouldn’t be something you have to worry about, so consider marking the appropriate dates listed above on your calendar.