An amount of $1,801 monthly direct payments are set to be released this January but the date you expect it to arrive depends on your birth date.
$1,801 Monthly Direct Payments
The Social Security payments you get will depend on your date of birth, but certain American beneficiaries can expect a raise of up to $1,801 starting in January. Following the announcement of the cost-of-living-adjustment (COLA) in October of last year, Social Security benefits have increased.
The country’s current inflation is the cause of the COLA change. The amount on senior citizens’ checks will therefore grow by 8.7% the following year, the biggest increase since the 1980s. This raises the maximum amount that may be received from $1,657 to 1,801 and results in the typical retiree earning $144 more every check, according to AARP.
How To Estimate Your Direct Payments?
In a published article in The U.S. Sun, you may compute your check using a tool on the Social Security Administration website, where you can register for an account and get an idea of your prospective benefits. Additionally, the account enables you to get email or SMS alerts with a projected delivery date for your payments.
The CEO of AARP Jo Ann Jenkin said, “Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors. Today’s announcement of an 8.7 percent cost-of-living adjustment, or about an average of $145 more per month, will provide much-needed relief to millions of Americans.”
She also added, “The guaranteed benefits provided by Social Security, including the annual COLA, are more crucial than ever as high inflation remains a problem for older Americans. The automatic adjustment is an essential part of Social Security that helps ensure the benefit does not erode over time due to rising prices.”