Starting January with an increase in monthly payments by an average of $144.
The Social Security Benefits
The Social Security Benefits have increased which was announced this past October after the cost-of-living-adjustment (COLA). recipients will receive 8.7 percent more money on their checks in less than two weeks from now, which makes a record-breaking the largest increase since the ‘80s.
According to AARP, the average senior person will get about $144 more per check, moving the highest amount you can have from $1,657 to $1,801. Moreover, Social Security payments are made on Wednesdays, with recipients receiving their checks based on their date of birth.
Those whose birthdays are through the 1st and 10th of the month will get a paycheck on the second Wednesday of the month. While for those birthdays between the 11th and 20th will see their checks on the third Wednesday while those born between the 21st and the end of the month will see their checks on the fourth Wednesday.
Here’s the Right Time to Claim Benefits
While some Americans must take their benefits early, it may be beneficial to wait until full retirement age as your benefit amount increases highly substantially. By choosing a delayed retirement and waiting until the age of 70, you will be able to claim your full compensation benefit allowed. Others might discover that their ideal age is the best time to claim. The Break-even age is when people start benefitting from waiting to claim Social Security.