Older people who are 62 years or older may soon get a payment worth 1848 dollars in just 5 days. This money it will be essential to make ends meet in a month when Christmas spending will drain Americans’ savings.
In fact, the Social Security Administration will be the one to send this payment. Of course, to receive it, you must have previously applied for pension benefits.
Then, if you started collecting Social Security before May 1997, that payment it won’t be yours. Those who did not receive Social security before that date they may still have a chance to cash out up to $4,555 if they meet the date of birth requirement.
CLAIM TO RECEIVE PAYMENT OF $1848 ON DECEMBER 20
If you haven’t qualified for payment on December 1, you should check if your birthday is from 11 to 20. Pensioners whose birthday is after the 10th but before the 21st will receive a new checking cost an average of $1,848.
Thus, the next Social security payment it will be on December 20th, but it won’t be the last. December 27 will be the last date for payment. It will be for those pensioners whose birthday is from 21st to 31st.
Obviously, since this is also retirement payment, the maximum amount and the average amount are the same. For example, if you qualify for the largest checking you can get up to $4,555 if you file at 70 in 2023.
Those who reach full retirement age in 2023 can receive up to $3,627. At 62, the most you can receive is $2,572. However, these big checks are only for high earners who have received the taxable maximum for 35 years.
WILL THE DECEMBER 20 AND 27 PAYMENTS INCLUDE THE NEW COLA INCREASE?
The Social Security Administration will not give CAR increase in December if you get retirement benefits. That’s because the new COLA starts at December 29.
It’s actually supposed to start on New Year’s, but it’s a holiday. So the administration decided to send this payment three days in advance. That way, more than 5 million Americans can get their Supplemental Security Income (SSI) check before the usual date.
FYI, your payment in January will be 3.2% higher than in December. So if you get $1,848 (average check in 2023), your payment will be around $1,907 in 2024.
That means seniors could get an average of about $59 extra per month. SSI recipients could get up to $29 dollars more on December 29th, so it won’t be such a nice increase.