Checks for $1,657 arrive in accounts within 24 hours and timing is based on your birthday
MILLIONS of seniors are set to receive Social Security benefits worth up to $1,657 tomorrow.
Checks will be sent to retirees whose date of birth is between the 21st and 31st of the month.
The Social Security Administration distributes benefits between the second and fourth Wednesday of each month.
Seniors born between 1st and 10and of the month will receive their next payment on June 8.
And, pensioners whose date of birth is between 11and and 20and are due to receive their next round of Social Security on June 15.
In 2022, the average Social Security check is $1,657 per month, up $92 from the previous year.
Payments increased after the Cost of Living Adjustment (COLA) update.
The COLA is based on Consumer Price Index data and has been increased by 5.9% for 2022.
For couples, the estimated average monthly payment rose from $2,599 to $2,753.
Meanwhile, the maximum amount available for seniors is $4,194.
Benefits are awarded based on how much money Americans have earned during their careers.
They are calculated on the basis of the average income of a worker during his 35 best-earning years.
Some seniors make the mistake of claiming Social Security benefits too soon.
Americans can get benefits from age 62, but the total amount will be reduced by up to 30%.
Seniors have the ability to defer their benefits until age 70, which means they can accumulate deferred retirement credits.
There is no advantage in delaying past 70.
However, seniors may want to continue working if they are not ready to retire or if they have not saved enough for retirement.
The number of people using social security has increased since 2010.
But, the SSA has been accused by lawmakers of failing to provide adequate customer service, CNBC reported.
In 2010, the average wait time was three minutes, but this rose to 13 minutes in 2021.
And the agency’s budget has dropped 14% since 2010.
GOP Rep. Kevin Hern, who represents Oklahoma 1st congressional district, said, “As a result, my elderly constituents are ending up calling my staff after numerous failed attempts to call the Social Security Administration office.”
It’s possible the COLA will increase in 2023, which means Social Security claimants could be in line for bigger benefits in the near future.
The Senior League estimated the 2023 COLA at 8.6% based on April data, according to CNBC.
Inflation rose to 8.3% year-on-year in April, above the estimate of 8.1%.
Previously, SCL estimated that next year’s COLA would increase by 7.6%.
The amount seniors could receive in 2023 could change if the rate of inflation drops for the rest of the year.
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