MILLIONS of retirees will get Social Security payments worth up to $1,657 tomorrow.
Benefits will be sent on Wednesday, August 24, to eligible Americans born between the 21st and 31st of the month.
This is the final Social Security payment of the month.
This year, retired workers have seen a boost of $92 on average as their payments have risen from $1,565 to $1,657.
The average monthly payment for couples has risen from $2,599 to $2,753 – a jump of $154.
Benefits increased in line with the cost-of-living-adjustment (COLA) of 5.9%, which came into effect on January 1.
What is COLA?
The COLA is calculated based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the cost of popular goods and services.
The maximum monthly Social Security payment is $4,194 but retirees must have worked in Social Security approved jobs for at least 35 years in order to get this.
If you work fewer years, the zeros that you accumulate will affect the amount you receive, according to the Social Security Administration.
To get the maximum benefit, seniors must also have been a high earner throughout their time in employment.
Plus, to get the max amount, Americans must wait until they turn 70 before they start collecting the benefits.
Retirees residing in 13 states will get less cash from their Social Security checks due to an extra tax that’s paid to the Department of Revenue.
It affects seniors in Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.
Many low-income claimants are exempt from state taxes in most of the states, but it could put a dent in the checks of middle and upper-income earners.
Millions of retirees get Social Security benefits but not all Americans are eligible.
Generally, if you move outside the country for retirement, you can still get the payments.
But, retirees in Cuba and North Korea are restricted from receiving the benefits, as are those in countries such as Azerbaijan, Belarus, Moldova, and Tajikistan.
Some workers who paid into other retirement systems might not be eligible for Social Security benefits.
Plus, we explain how to get the most out of Social Security when you retire, including ways to boost your payments.
Related Stories:
$1415 Stimulus Checks: Millions of Americans Set to Receive Payment in 2 Weeks
Stimulus payment 2022: Direct $200 tax refund checks hitting bank accounts for millions now
Stimulus Check 2022: Millions of Americans to get First half of $1,682 payment in just one week: Check if you are eligible
Social Security Benefits: Americans To Receive Lesser Funds In Coming Years
Social Security Payments: Millions of Americans to receive two checks worth up to $1,652 this month
Stimulus payment 2022: Direct $200 tax refund checks hitting bank accounts for millions now
Millions of Americans will receive $914 from Social Security in December 2023: Are you eligible?
Social Security Income: Millions of Americans will get two payments worth up to $1,682 in days
Leave a Reply