$4,194 New Direct Payment: Millions Of Americans Could Receive And Have A 2nd Chance
On December 21 – days before Christmas, the second Social Security payment of the month will be sent out. Eligible for Social Security are at least 70 million seniors across the nation.
The benefits will be sent out on Wednesdays the second, third, and fourth of the month but it depends on the recipient’s birth date when they will get the money. Those seniors that have their birth date between the 11th and 20th will get their payment this week.
According to a published post by The US Sun, compared to last year, seniors tend to receive a monthly benefit of $1,657 – a $92 boost For couples, it has risen by $154 from $2,599 to $2,753. A senior can receive a maximum amount of $4,194, but it is for retirees and is reserved for those who have waited until they turned 70 before claiming the benefits.
Seniors will see a rise in their 2023 Social Security payments.
COLA is designed to keep up with inflation and is estimated on the data from the Consumer Price Index for Urban Wage Earners and Clerical Workers, which measures the change in the cost of goods and services that people pay for.
This means that $144 will be added to the standard benefit, providing help and an extra boost to citizens. The Acting Commissioner of the Social Security Administration Kilolo Kijakazi said that the rise in benefits will give seniors more peace of mind and breathing room. This will help the seniors in a way to give them space for this problem.
However, Motley Fool conducted a poll and revealed that 55 percent of Americans surveyed said that the COLA rise wasn’t enough. Based on where they live, some of the retirees received less in Social Security checks.