Select Social Security recipients can expect their regular monthly payment, worth an average of $1,547, today.
Beneficiaries who were born from the 11th to the 20th of their birth month are scheduled to be issued monthly payments from the Social Security Administration on Sept. 21, either via direct deposit or paper check in the mail.
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Social Security recipients who were born from the 11th to the 20th in any month receive their regular payment on the third Wednesday of every month. Benefits are paid every second Wednesday of every month to those born from the first to the 10th of any month, and those born from the 21st to the 31st of any month receive their regular payment on the fourth Wednesday of every month.
Benefit payments range from $377.35 to $1,682, depending on the status of the beneficiary. Retired workers can earn payments as high as $1,682 a month depending on their income level, according to SSA.
In addition to the regular Social Security payments, the SSA issues Supplemental Security Income to eligible individuals once a month, with the October payment set to be given out a day early due to a regular calendar quirk.
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Social Security payments are set to increase next year to stay on pace with inflation, with some analysts predicting the cost-of-living adjustment for Social Security in 2023 could be 10.5% or more, which would elevate recipients of Social Security payments into higher tax brackets.
Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress.
