A group of Social Security beneficiaries are expecting to get their payment by December 14 however, some other beneficiaries may not be able to receive it by Christmas. For the retired workers the average amount they are going to receive is around $1,657 a month meanwhile, for the widows or widowers they can receive $1,564 in survivor benefits. The highest amount individuals can earn in 2022 is $4,194.
Your Social Security amount is dependent on a couple of factors that includes your previous earnings. It is primarily based totally in your maximum 35 years of income and can range relying on how much you earn and when you will pick to begin benefits. If you were born in 1943 or 1954, the full retirement age is 66 years old; if you were born after 1960, it is 67 years old. You can check your eligibility and apply for Social Security benefits online.
Social Security payments are distributed on the second Wednesday of each month. Eligible people with birthdays that fall between the first and 10th of the month will receive their payment on December 14, which is the second Wednesday of the month.
People born on the 11th through 20th of each month are sent benefits on the third Wednesday every month. That means people who are born on the 21st through 31st group of claimants are paid on the fourth Wednesday of the month which means that they will not receive their benefits by Christmas day.
Thee payment schedule for the rest of the year is December 14, 21 and 28.
The cost living adjustment (COLA) for 2023 will 8.7% which considers to be the largest COLA increase since 1981. The COLA is based on the previous year’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) which is used to help beneficiaries remain aware of inflation.
The Social Security Administration announced that the average monthly payment increase will be $147 for retired workers.