This November, thousands of American citizens over the age of 62 are about to receive monthly payments from the Social Security Administration (SSA), designed to alleviate the effects of the growing inflation affecting the country.
These payments will be distributed in three phases, starting next November 8, 2023, and will reach people who have opted for retirement, those with disabilities, and low-income retirees.
According to figures provided by the United States Census Bureau, Social Security benefits almost 70 million people, demonstrating its significant impact on the financial stability of the elderly population.
How much will the stimulus checks be?
This year, average payments for retirees are $1,848, according to information from the SSA. However, it is important to note that the maximum benefit for those who choose to retire at age 62 is $2,572 per month, while those who wait until full retirement age (67 years) can receive $3,627, and those who choose to retire at age 70 or later they get $4,555 a month.
It is relevant to mention that in October of last year, the organization announced a historic 8.7% increase in the Cost of Living Adjustment (COLA), which raised the maximum Social Security benefit from $4,194 to $4,555 per month by the year 2023, providing financial relief to beneficiaries.
How much will you receive according to your case?
Payments vary depending on retirement age. The average payment is about $1,841, but those who chose to retire at the minimum age of 62 can receive up to $2,572 per month. On the other hand, those who have worked at least 35 years, retire at age 70, and have a solid earning history can qualify for higher payments of up to $4,555.
In relation to the distribution of November payments, people born between the 1st and 10th of any month of the year will receive their payments in the first stage of shipments, scheduled for November 8. Those born between the 11th and 20th of any month will get their payments in the second stage on November 15, while on November 22, those born between the 21st and 31st of any month will receive their benefits.
To be eligible to receive Social Security checks, you must be a beneficiary of the program and have a Social Security number (SSN). In addition, you must be a US citizen, permanent resident or have a work permit in the country. Accumulating 40 credits is essential, which requires being employed and paying Social Security taxes.
Who is eligible?
The SSA uses work history and income to determine individuals’ eligibility for retirement or disability benefits, as well as for families of deceased beneficiaries.
In addition to payments to retirees, Social Security also sends benefits to disabled people. In November, two Supplemental Security Income (SSI) payments will be made. The first took place on November 3 for a general amount of $914, while the second will take place on the same day for people who paid into Social Security before 1997 and who qualify for both SSI and retirement payments. .
The SSA has announced that the COLA adjustment for 2024 will be 32%, which means an increase in monthly benefits for all SSA members. In fact, some are already receiving an extra $360 a month. This provides important financial support to beneficiaries in a challenging economic time.
