On average, select recipients will receive payments of about $1,657, but the checks can theoretically go as high as $4,194 depending on one’s standing, according to the Social Security Administration.
Social Security payments are determined based on a number of factors including one’s retirement date and how much they paid into the program.
“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 latest slate of checks will get rolled out for individuals who are born from the 21st through the 31st of the month and are expected to come on Wednesday, per the SSA schedule.
Recently, the acting commissioner of the Social Security Administration unveiled the highest cost of living adjustment for the program in 40 years — an 8.7% increase. The last time the SSA gave a larger increase was in 1981 when it was 11.2%.
The big payment bump is a response to red-hot inflation.
Retirees will soon see their benefit boost by $140 to $1,827 a month starting next January. Roughly 70 million recipients are currently enrolled in Social Security.