Up to $11,664 Social Security Checks in 2023 May Be Claimed by Beneficiaries, Here’s How!

Up to $11,664 in Social Security checks in 2023 may be claimed by the beneficiaries every year. In this article, read and find out the strategy on how to possibly increase the benefits by this amount!

Experts in retirement and personal finance placed importance on a strategy that could most likely increase the Social Security checks in 2023 by up to $11,664. The age the beneficiary starts to claim the checks apparently affects the amount of benefits they receive.

According to Villalovas, after the age of 62, an individual can apply for the Social Security checks in 2023. However, they must wait until they reach their full retirement age which is based on their birthday. Experts say the strategy is to wait until the full retirement age of 70. This is because it is a guarantee that the recipients will receive their full benefits and even an extra bonus of at least 24% each month.

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Amount of Social Security Checks in 2023

According to Brockman, the Social Security Administration (SSA) states that last March, the beneficiaries have collected an average of almost $1,800 per month. Assuming that this amount is collected before a beneficiary’s full retirement age, the monthly payments would decrease by 30%. This means that the Social Security checks in 2023 to be received will be $1,260 per month.

Nonetheless, experts suggest that there are certain situations in which claiming Social Security checks in 2023 early is advisable. These situations include dealing with health problems or being forced into an early retirement.

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