In 48 Hours, U.S Citizens will Have a 2nd Chance Of Receiving A Direct Payment Worth Up To $4,194 Before Christmas
In just 48 hours, millions of cash-strapped seniors will have a chance to claim a direct payment worth up to $4,194. The installment for the second Social Security of the month will be delivered on December 21, days before Christmas.
At least 70 million seniors across America are qualified for Social Security. The benefits will be delivered on the second, third, and fourth Wednesdays of the month, but it will depend on the recipient’s birth date when they will get the cash.
Seniors that have their birth dates between the 11th and 20th will be receiving their payment this week. The benefits were sent last Wednesday, and the payments will also be deposited into the bank accounts on December 28.
Seniors typically get a monthly benefit of $1,657 and a $92 boost compared to last year. Moreover, it has jumped by $154 for couples, from $2,599 to $2,753. Seniors can receive only up to $4,194 maximum, but it’s reserved for retirees who waited for their age to turn 70 before getting their benefits claimed.
According to a published post by The US Sun, seniors are expected to see an increase in their Social Security payments starting in 2023. This is because the cost-of-living-adjustment(COLA) was increased to 8.7%.
Millions of Americans Have 2nd Chance to Get a New Direct Payment Worth up to $4,194 Before Christmas (Photo: The US Sun)
Millions of Americans Have 2nd Chance to Get a New Direct Payment Worth up to $4,194 Before Christmas
The COLA is designed to keep pace with inflation and is calculated on data from the Consumer Price Index for Clerical Workers and Urban Wage Earners, which measures the changes in the cost of services and goods.
It means that $144 is added to the average benefit and will provide an extra boost to citizens. The U.S. Sun revealed that this is how seniors can estimate their payment for next year. The Acting Commissioner of the Social Security Administration, Kilolo Kijakazi, stated that the increase in benefits would give seniors more breathing space and peace of mind.
However, a poll conducted by the Motley Fool revealed that 55% of surveyed citizens said that the COLA rise wasn’t enough. Some retirees will get less in Social Security checks depending on where they live. The U.S. Sun has already stated the state’s retirees may be affected. We also explained most of the changes expected to hit Social Security programs in 2023.
