Qualifying individuals will receive Social Security retirement payments of up to $4,194 in four days.
Social Security recipients typically earn $1,673 per month, but individuals who wait to retire until age 70 may be qualified for the maximum amount of $4,194. People with birthdays between the 11th and 20th of any month will get payments on October 19.
According to the Social Security Administration, you can start receiving Social Security retirement benefits as early as age 62. But we’ll cut your benefits by as much as 30% compared to what they would have been had you waited to start receiving them until you reached full retirement age.
The Social Security Administration’s acting commissioner predicted that the program will receive an 8.7% raise, the biggest cost of living adjustment in 40 years. The SSA last increased benefits by more than this in 1981, when it did so by 11.2%.
According to interim Commissioner Kilolo Kijakazi, “Medicare rates are declining and Social Security payouts are increasing in 2023, which will provide seniors more peace of mind and breathing room.” The significant Social Security cost-of-living increase for this year is the first time in over ten years that Medicare premiums are not increasing, demonstrating that we can give older Americans who depend on their earned benefits additional support.
As a result of the modification, retirees’ payments will increase by $140 to an average of $1,813 per month beginning in January. Social Security has almost 70 million beneficiaries.
Utilizing the SSA’s online retirement application, individuals can apply for benefits or modify their current benefits.
