Your birthday decides the actual Social Security amount that is deposited into your account because retiring early can lower your complete benefits.
As a result of the cost-of-living adjustment for 2023, recipients of Social Security and Supplemental Security Income will receive payments that are 8.7 percent higher this year.
It is the biggest benefit boost in 40 years.
On December 30, 2022, SSI beneficiaries already got their first check that reflected the increased COLA.
The first payment with the COLA increase will be made to Social Security recipients this coming Wednesday, January 11.
In the new year, pensioners’ average monthly payments would rise by $140 to $1,827.
That indicates that, on average, retired workers will make $1,827 per month, however, this amount may rise based on several conditions.
The expected annual income of a couple receiving both benefits is $2,972, a $238 increase over the $2,734 sum from the previous year.
On the other hand, you’ll make $3,627 if you retire in 2023 at the full retirement age.
Relatively, those who retired at age 62 would only receive $2,572, while those who postponed retirement till age 70 would receive the maximum benefit of $4,555. The COLA tries to support Social Security recipients in dealing with inflation, which has made it difficult for many low-income Americans to purchase food and other basic requirements.