Millions of retirees whose birthday falls between the 1st and 10th of each month will receive direct payments worth an average of $1,681 in only three days.
The first round of checks, as high as $4,194, will be sent on Nov. 9, according to the Social Security Administration. Additionally, retirees will see an increase in their benefits of $146 to a high of $1,827 per month starting next January.
“You can begin getting Social Security retirement benefits as early as age 62,” the SSA says on its website. “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.”
Around 70 million people are enrolled in Social Security.
Social Security checks are determined by several factors, including when the recipient retires and how much he or she paid into the program. If a person born in 1960 or later waits to retire until the age of 67, the full retirement age in 2022, the maximum benefit they would receive would be $3,345. But if a person retires early at the age of 62, the maximum benefit would only be $2,364.
The SSA’s acting commissioner recently announced an increase in the cost of living adjustment, at 8.7%, making it the highest adjustment since 1981, when the cost of living adjustment was increased by 11.2%. That bump starts with December benefits, which will be payable in January, per the SSA.
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A person will need to multiply his or her Social Security benefit by the 8.7% cost of living adjustment if they wish to calculate the exact bump they will receive from this increase. Additional information about the adjustment can be found on the SSA website.
