This November, thousands of US citizens over the age of 62 will receive monthly payments from the Social Security Administration (SSA), designed to cushion the effects of rising inflation plaguing the country.
These payments will be disbursed in three phases from next November 8, 2023, and will reach retirees, disabled and low-income earners.
According to statistics provided by the United States Census Bureau, Social Security benefits nearly 70 million people, demonstrating its significant impact on the financial stability of the aging population.
How much will stimulation tests cost?
This year, according to the SSA, the average payout for retirees was $1,848. However, it’s worth noting that the maximum benefit for those who want to retire at age 62 is $2,572 per month, $3,627 for those who wait until full retirement age (67 years), and $3,627 for those who want to retire at age 70. Or later they get $4,555 a month.
In October last year, the agency announced a historic 8.7% increase in the cost of living adjustment (COLA), a significant relief to beneficiaries.
How much will you get according to your case?
Payments vary depending on retirement age. The average payment is about $1,841, but those who want to retire at least 62 years old can get as much as $2,572 a month. On the other hand, those who have worked for at least 35 years, retire at age 70 and have a solid earnings history may qualify for higher payments of up to $4,555.
Regarding the distribution of November payments, those born between the 1st and 10th of any month of the year will receive their payments in the first installment scheduled for November 8. Those born between the 11th and 20th of any month will receive the second phase payment on November 15, while those born between the 21st and 31st of any month will receive their benefits on November 22.
To be eligible to receive Social Security checks, you must be a beneficiary of the plan and have a Social Security Number (SSN). Additionally, you must be a US citizen, permanent resident, or have a work permit in the country. It is necessary to accumulate 40 credits, which requires working and paying social security taxes.
Who is eligible?
The SSA uses work history and earnings to determine individuals’ eligibility for retirement or disability benefits and the families of deceased beneficiaries.
In addition to payments to retirees, Social Security sends benefits to the disabled. In November, two Supplemental Security Income (SSI) payments will be made. The first was held on Nov. 3 for a total of $914, and the second was held on the same day for those who paid into Social Security before 1997 and are eligible for SSI and pension payments.
The SSA has announced that the COLA adjustment for 2024 will be 32%, meaning monthly benefits will increase for all SSA members. In fact, some are already earning an extra $360 a month. It provides critical financial assistance to beneficiaries during a challenging economic time.
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