Millions of Americans across the country start to receive an amount of $1,657 in direct payments while others will receive it next week.
$1,657 Direct Payments
Millions of retirees and seniors across the country start to receive an amount of $1,657 today. It is estimated that around 70 million Americans are about to receive Social Security payment and some of them has already received their direct payments.
According to an article published in The U.S. Sun, seniors whose birth dates birth fall between the 11th and 20th of the month will receive their direct payments this week. On the other hand, retirees born between the 21st and 31st of the month will receive their Social Security payments on Dec. 28.
Increase in Social Security Payments
Seniors and retirees should expect an increase in Social Security Payments next year due to the adjusted COLA as a result of the increasing inflation rate. The monthly average benefit of seniors will be $1,657 or an increase of $92 compared last 2021.
Meanwhile, the monthly amount for couples has jumped by $154 to $2,753. The Social Security Administration also said that the maximum amount will be $4,194 but this is only intended for those retirees who have waited until they turned 70 before claiming the benefits.
Furthermore, the adjustment in COLA was made due to the increasing inflation rate. It is calculated on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers – which measures the change in the cost of goods and services.