In just three days, millions of Social Security recipients with birthdays between the first and tenth of each month will obtain direct payments totaling an average of $1,681. As per the Social Security Administration, the maximum monthly pension for pensioners will be $4,194. However, the rates that retirees receive are based on their retirement age. For instance, a person who got retired at the age of 70 would be eligible for the entire $4,194, where as a person who retired at the age of 62 would only be eligible for the maximum of $2,364.
Social Security Retirement Earnings
On December 14, the first batch of retirement cheques will be sent. The SSA states on its website that you can start receiving Social Security retirement earnings as early as age 62. “However, we will cut your rewards by as much as 30% compared to what they would have been had you waited to start receiving them until you reached full retirement age. You will receive your entire benefit if you wait until you reach full retirement age.”
For those who were born between the 11th and 20th of their birth month, the second wave of checks will be distributed a week subsequently, on the third Wednesday. The payment for this month will be delivered to the group on December 21. As per the Social Security Administration, the third and final wave of payments will be distributed on the fourth Wednesday of each month, with the money being paid on Dec. 28 for people who were born on the 21st through the 31st of their birth month.
Monthly Payment Will Increase
Due to inflation, beneficiaries will earn even larger payments in the following year. In January, the average recipient’s monthly payment will increase by $146 to $1,827 from the current $1,681 average. In 1981, the latest significant rise was seen in Social Security benefits, when the (COLA) cost of living adjustment was 11.2%. Different from other payments given out by the organization, such as insurance for disability or Supplemental Security Income, are regular Social Security checks. On December 30, SSI benefits are scheduled to be distributed to qualified recipients reports Washingtonexaminer.
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