Thousands of Americans across the country are expected to receive their Social Security check today. Beneficiaries are advised to check their bank account.
Social Security Check Arrives Today
The Social Security check is expected to hit the ban accounts of thousands of Americans across the country today. The amount will range between $1,600 to $4,149, according to the Social Security Administration (SSA). The agency also gave details about how the money was distributed.
SSA said that people born between the 11th and 20th are a part of the second round of payments that will arrive and hit their bank on Nov.16. Meanwhile, those who are born between the 21st and 31st are expected to receive their Social Security checks on Nov. 23.
The agency uses this payment scheme for more than 70 million people who are retired, have a disability, or are widowers. Moreover, age 66 is the retirement age for those who were born between 1943 and 1954. For individuals who were born between 1955 and 1960, it rises progressively. The retirement age is 67 for those who were born after 1960, The U.S. Sun reports.
How Much Are You Going To Receive?
If you are eligible to receive the Social Security check, the amount you will receive varies on different factors. These include what age you retired and how much you might have invested over the course of your career. So it is important that you know how to calculate your expected money to receive.
Furthermore, the amount of your monthly Social Security check will increase starting January 2023. This is because of the 8.7 percent increase in cost-of-living-adjustment (COLA). The increase was made due to the inflation rate that hurts millions of people in the country.