Murphy Hokey Law

February 29, 2024

COLA Social Security 2023 updates — Final $4,555 checks to go out in December before $58 increase – see exact dates

Residents who are eligible for receiving Social Security payments are going to receive their final checks in next month of this year

Having a maximum payout of $4,555, the Social security beneficiaries are currently receiving an average check of $1,827 which is based on the 8.7% cost of living adjustment (COLA) for 2023.

The beneficiaries who are born between 11th and 20th of the month will be going to receive their monthly payment on December 14 and those whose birth date is before that will be going to receive their payment on the 21.

The individuals whose birthday comes between 21st and 30th will be going to receive the final payment of this year on December 28.

The COLA of the upcoming year was revealed to be 3.2% last month, which means that starting in 2024, recipients will get an average monthly rise of $58.

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