MMillions of retirees whose birthday falls between the 1st and 10th of each month will receive direct payments worth an average of $1,681 in just three days.
The first set of checks, for up to $4,194, will be sent Nov. 9, according to the Social Security Administration. In addition, retirees will see their benefits increase by $146 to a peak of $1,827 per month starting next January.
“You can start receiving Social Security retirement benefits as early as age 62,” the SSA says on its website. “But we will cut your benefits up to 30% below what you would get if you waited to start collecting benefits until your full retirement age. your full pension…you will receive your full benefit.”
SOCIAL SECURITY UPDATE: FIRST OF SSI DOUBLE CHECKS NEXT MONTH WORTH $1,755 TO SEND IN JUST TWO WEEKS
Around 70 million people are registered with social security.
Social Security checks are determined by several factors, including when the recipient retires and how much they contributed to the program. If someone born in 1960 or later waits to retire until age 67, the full retirement age in 2022, the maximum benefit they would receive would be $3,345. But if a person takes early retirement at age 62, the maximum benefit would be just $2,364.
The Acting SSA Commissioner recently announced an increase in the cost of living adjustment to 8.7%, making it the highest adjustment since 1981, when the cost of living adjustment was increased by 11.2%. This increase begins with the December benefits, which will be payable in January, in accordance with the SSA.
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A person will need to multiply their Social Security benefits by the 8.7% cost-of-living adjustment if they wish to calculate the exact increase they will receive from this increase. Additional fit information is available on the SSA website.