(Photo: CNET)
Social Security (SS) claimants will receive their first monthly payments for February in five days.
The exact benefit amount will be based on the retirement age. However, each retiree will keep collecting higher score checks thanks to the cost-of-living adjustments (COLA).
The COLA strives to help SS recipients fight inflation, which has left numerous low-income Americans struggling to buy necessities.
The average claimant will see their score checks increased by $140 this year.
Their checks should be around $1,827, while the maximum benefit would be $4,555.
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(Photo: Yahoo Finance)
The full retirement benefits will be received once the retirement age has been reached. Although, that age tends to differ depending on birth year.
FRA BREAKDOWN
The retirement benefits are based on your work record and will consider your highest 35 years of earnings. This will likely vary depending on when you prefer to start receiving benefits.
Typically, the benefits are meant to substitute approximately 40 percent of pre-retirement income.
The following is a breakdown of FRAs:
- Birth year: 1943-19554, FRA: 66
- Birth year: 1955, FRA: 66 and 2 months
- Birth year: 1956, FRA: 66 and 4 months
- Birth year: 1957, FRA: 66 and 6 months
- Birth year: 1958, FRA: 66 and 8 months
- Birth year: 1959, FRA: 10 months
- Birth year: 1960 and later, FRA: 67
Claiming score checks early will decrease your benefit significantly in some cases.
FULL SCHEDULE
The Social Security Administration revealed the entire schedule for this year:
- January 2023: 11, 18, and 25
- February 2023: 8, 15, and 22
- March 2023: 8, 15, and 22
- April 2023: 12, 19, and 26
- May 2023: 10, 17, and 24
- June 2023: 14, 21, and 28
- July 2023: 12, 19, and 26
- August 2023: 9, 16, and 23
- September 2023: 13, 20, and 27
- October 2023: 11, 18, and 25
- November 2023: 8, 15, and 22
- December 2023: 13, 20, and 27
Since there might be changes without prior notice, always check the social security calendar for the schedule and to learn more about score checks.
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