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$4,194 is set to be received by millions of Americans tomorrow

On Wednesday, December 28, millions of Americans who receive Social Security benefits will receive their final payment of the year. This payment will be sent to those with birthdays between December 21 and December 31, based on the report by Josephine Fuller of The US Sun on December 27, 2022.

The report also mentioned that earlier payments were made on December 14 and 21 to individuals with birthdays falling within the first ten days and the second ten days of the month, respectively. These payments, which are usually made on the second and third Wednesdays of December, are intended for individuals with birthdays in the relevant ranges.

Approximately 70 million Americans receive Social Security, with single retirees receiving an average monthly benefit of $1,657 this year and couples receiving an average monthly benefit of $2,753, which includes a $154 increase on average, according to the Social Security Administration.

The maximum amount that a senior can receive is $4,194, but this is reserved for those who wait until age 70 to claim benefits. Some seniors may choose to delay claiming their benefits in order to receive a higher monthly payment.

Based on the report by CNBC on October 13, 2022, Social Security recipients can expect a much-welcomed boost in their payments next year thanks to the annual cost-of-living adjustment (COLA) for 2023, which is 8.7 percent. This will result in an average increase of $144.10 per month.

The COLA is implemented to help beneficiaries maintain their purchasing power in the face of inflation. This means that the increased payment will help offset any increase in the cost of goods and services, allowing beneficiaries to maintain their standard of living.

 

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