Direct payment worth up to $4,194 sent to millions of Americans today, but there’s even more to come tomorrow
MILLIONS of Americans will receive a monthly Social Security payment worth up to $4,194 today.
Benefits are sent out just one day before the announcement of the 2023 cost of living adjustment.
More than 60 million Americans receive Social Security benefits and payments are issued to those born between 1st and 10e of the month.
Perks will also be sent on October 19 and 26.
This year, recipients received an average increase of $92 on their payments, from $1,565 to $1,657 per month.
The average payment for couples jumped $154, from $2,599 to $2,753.
Social Security recipients can receive up to $4,194 per month.
Social Security Administration officials are expected to announce the 2023 COLA tomorrow – October 13.
COLA is designed to offset the effects of inflation and this means that benefits are increased as prices rise.
Social Security claimants set to see biggest increase in payments in 40 years The hill that changed America.
The League of Aged has predicted that benefits could increase by 8.7% next year.
This would mean that the average amount would increase by $144.10.
Mary Johnson of SCL said, “An 8.7% COLA is extremely rare and would be the highest ever received by most Social Security recipients alive today.”
The planned increase in the cost of living adjustment would affect benefits paid from January 2023.
Last year, the COLA was released alongside the September CPI report.
COLA is calculated using data from the Consumer Price Index for Urban Wage and Clerical Workers (CPI-W), which measures changes in the cost of popular goods and services.
Analysts have speculated that the 2023 COLA could have been between 9.5 and 10% when inflation hit a four-decade high in June.
The rate was 8.5% in July, before dropping to 8.3% in August.
In the meantime, we’ve revealed the steps seniors should take if they don’t receive their payment on time.
The Sun also shared steps Americans should take before applying for Social Security benefits.
And, Americans who claim Social Security while working have been warned they could see a reduced benefit.