The government made an announcement. New payment is on its way. So this is great news if you qualify. This new check will bring more money than yours advantage in December. This is due to the latest cost of living adjustment.
The Social Security Administration (SSA) increased benefits by 3.2%. In this way, they help pensioners and people on disability benefits to maintain their purchasing power. Therefore, your new payment it will be about 50-60 dollars higher.
Note that pensioners may receive a larger one payment than these SSDI citizens. That's because Social Security requires you to work longer and pay more taxes to get a bigger benefit. Disability prevents workers from working, so they don't have the same options as those who file for retirement.
ELIGIBILITY TO PAY – ELIGIBLE RETIREES AND SSDI RECIPIENTS
To receive this new check, you must have submitted it first. These retirement or disability benefits are not for everyone. In fact, if you started receiving them before May 1997, you will not be eligible.
Moreover, your date of birth must be between the 21st and the 31st. So if you have started collecting payments from May 1997 onwards and your birthday is from the 21st to the 31st, you will receive this new cheque.
Salary will be on January 24th. She will be the last payment which the Social Security Administration has scheduled for January. Finally, pensioners and people on disability benefits can enjoy the new increase in the cost of living adjustment.
That 3.2% increase translates to about $59 extra per month if you're eligible for retirement benefits. SSDI recipients will only receive about $48 more per month after the COLA increase.
JANUARY 24 CHECK AMOUNTS FOR RETIREES AND SSDI RECIPIENTS
The amount of your new payment it will depend on your previous earnings and work history. The age you submitted and were approved also affects the size of the checks.
However, there are some possible maximum and average amounts. If you are eligible for an average payment after retirement your check will be about $1907. If you qualify for the largest check, it could be $4,873 at age 70, $3,822 at full retirement age, and $2,710 at age 62.
To receive such a large benefit, you must have earned the taxable maximum for 35 years. The longer you delay submitting, the higher yours is payment will be up to the age of 70.
SSDI or disability benefits have a maximum amount of up to $3,822. However, your SSDI average advantage may be closer to reality. In truth, the average payment is only about $1,537.