Million American retirees receive the benefit in total and the next installment will be sent tomorrow Social Security direct payment worth an average of $1,657.
Social Security Direct Payment
December 21, is the deadline for the Social Security direct payment worth an average of $1,657 will be on every eligible American retiree. Payments that are deposited into accounts this week are reserved for seniors that have a birth date between the 11th and 20th of the month.
Retirees who were born between December 21 and 31 will likewise begin receiving Social Security payments on December 28. The average monthly pension for retirees is $1,657, an increase of $92 from 2021. Additionally, the amount for a couple every month has increased by $154 to $2,753.
The maximum amount a retiree can acquire is $4,194, but it’s reserved for those who have waited until they turned 70 before claiming the benefits. In 2023, Seniors can check their Social Security payments boost.
The Cost-of-Living Adjustments
This is a result of an increase in the cost-of-living-adjustment to 8.7 percent. The COLA is designed to keep up with inflation and is computed on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers, which is measured by the change in the cost of goods and services.
Meaning that $144 will be included in the average benefit, adding an extra boost to citizens. The U.S. Sun has shown how seniors can estimate their payment for next year. However, a poll conducted by the Motley Fool revealed that 55 percent of Americans surveyed said the COLA rise wasn’t enough.
The U.S. Sun has explained the big changes that are expected to reach Social Security programs in 2023. claimants of Supplemental Security Income are set to pocket a benefit of $914 on December 30 together with the new COLA.