Social Security update: Maximum payment of $4,194 to be sent out to millions in just six days
Social Security retirement payments of up to $4,194 will be rolled out to beneficiaries in just six days.
The average retiree receives $1,673 per month from Social Security, but those who refrain from retiring until age 70 could be eligible to receive the maximum benefit of $4,194. Payments are slated to be sent out on Oct. 19 for individuals with birthdays between the 11th and 20th of a given month.
SOCIAL SECURITY TO GET HIGHEST COST OF LIVING BOOST IN 40 YEARS OF 8.7% IN 2023
“You can begin getting Social Security retirement benefits as early as age 62,” according to the Social Security Administration. “But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age … you will get your full benefit.”
The bolstered payments for individuals who wait until 70 years old to retire are given because they earn “delayed retirement credits,” per the SSA. A full schedule of Social Security payments is available on the SSA website.
Recently, the acting commissioner of the Social Security Administration revealed that the program will get its highest cost of living adjustment in 40 years — an 8.7% increase. The last time the SSA gave a higher increase was in 1981 when it was 11.2%.
The large cost-of-living boost is a result of inflation.
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As a result of the change, retirees will see their benefit boost by $140 to $1,827 a month starting in January. Some 70 million recipients are enrolled in Social Security.
To apply or adjust current benefits, individuals can use the SSA’s online retirement application.