In the United States, the Social Security Administration (SSA) continues to distribute contributions to its users this year.
The SSA is also responsible for distributing Supplemental Security Income (SSI) money to Americans with various disabilities.
As of January 2023, the average salary for retired Americans has increased to $1827.00 USD, according to the SSA. This is due to an increase in the cost of living adjustment (COLA) to 8.7%.
The SSA also reports that the median income for citizens retiring at age 62 is $2,572.00 USD. Officials consider the optimum age for service break to be 67 years and charge $3627.00 USD at this time.
Individuals who retire from professional work at age 70 or older are entitled to $4,555.00 USD. The standard SSI contribution is $600.00 USD and the maximum payment reaches $914.00 USD.
Days to collect
Married couples dependent on SSI can jointly collect up to $1,371.00 USD. People who benefit from SSI receive dollars on the first or last day of each month, depending on the first weekend.
Retirees who started collecting Social Security benefits before May 1997 collect 3 per month every day. Other users get paid based on their date of birth.
1st to 10th of every month for life expectancy can be paid on second Wednesday. Those with birthdays between 11 and 20 are paid on the third Wednesday. Beneficiaries with birthdays between 21 and 31 receive monthly payments on the fourth Wednesday.
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In the US, Social Security payments will increase starting this month