The maximum benefit for Social Security will increase to $4,555, while average payments would climb by $140 to $1,827 due to the 8.7% increase in the cost of living adjustment.
Monthly payments are made on the second, third, or fourth Wednesday of the month, depending on their birthdate.
Their payment will be deposited, for instance, on the second Wednesday of the month if their birthdate falls between the first and the tenth.
Their deposit will be made on the third Wednesday of each month if their birthdate falls between November 11 and and December 20, and on the fourth Wednesday of each month if their birthdate falls between December 21 to 31.
Each recipient of Social Security benefits has 11 installments totaling up to $4,555 left in the year.
Beneficiaries
SmartAsset found, among other significant results, that those in cities with low total retirement depend more on Social Security (SS), according to GoBankingRates.
Additionally, Social Security benefits make up more than a quarter of retirement income in each of the regions examined.
Miami has the lowest overall retirement income share of Social Security, at 26.90%, according to the report.
Although there are a lot of seniors in some California towns, between 30.1 and 36.6 percent of their total retirement income comes from Social Security.
The 100 US communities with the highest proportion of residents 65 and older had their Social Security earnings reviewed by SmartAsset, a financial technology company based in New York City.
This was done to examine where Social Security makes up the biggest and lowest proportion of overall retirement income, according to GoBankingRates.
The study examined the average retirement income and the average Social Security income from the 2020 5-year American Community Survey of the Census Bureau.
Retirement Credit
It is possible to start receiving Social Security retirement benefits as early as age 62, but doing so would result in payments that are up to 30% less than what they would receive if they waited until they reached full retirement age.
If they wait until their full retirement age (66 for most individuals), they will be able to get their entire benefits.
The Social Security Administration will enhance their payout if they wait until age 70 to begin receiving benefits since they accrued delayed retirement credits.
Then, until their passing, the retirement benefits are paid.
The amount of their monthly payments depends on when they start collecting their retirement benefits.
