Millions of Americans Social Security (SS) beneficiaries will receive their first monthly payments for February in less than two weeks.
$1,827 To $4,555 For Social Security Beneficiaries To Receive As A Direct Payment In Less Than Two Weeks (PHOTO: Social Security Matters – SSA)
The Social Security (SS) Beneficiaries
The beneficiaries of Social Security (SS) will anticipate an increase in their checks due to the cost-of-living adjustment (COLA). Retirees will get their monthly payments increased by $140, which means their checks should be around $1,827 and the maximum benefit would be around $4,555.
Several Social Security and Social Security Disability Income (SSDI) claimants saw their first adjusted payment last month. The Supplemental Security Income (SSI) recipients saw the hike also.
How Much Can You Obtain?
The precise benefit you’ll earn depends on the age you retired. Waiting until your full retirement age (FRA) will entitle you to receive full benefits. Although, that age depends on your birth year. If you disregard your FRA and wait until you’re 70, your benefit amount will rise. Those who retire at age 62 will only obtain $2,572 compared to those who waited until age 70 which would see the maximum benefit of $4,555.
The following is a breakdown of FRAs:
- Birth year: 1943-1954, FRA: 66
- Birth year: 1955, FRA: 66 and two months
- Birth year: 1956, FRA: 66 and four months
- Birth year: 1957, FRA: 66 and six months
- Birth year: 1958, FRA: 66 and eight months
- Birth year: 1959, FRA: 66 and 10 months
- Birth year: 1960 and later, FRA: 67
Claiming early will reduce your benefit significantly in some cases.
Here Are The Payment Schedule
The SS Payments will usually release every Wednesday for Social Security in the next few months as follows:
February 2023
- February 8 (2nd Wed)
- February 15 (3rd Wed)
- February 22 (4rth Wed)
March 2023
- March 8 (2nd Wed)
- March 15 (3rd Wed)
- March 22 (4rth Wed)
April 2023
- April 12 (2nd Wed)
- April 19 (3rd Wed)
- April 26 (4th Wed)
Lastly, Check out the full schedule for each Social Security program.
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