Millions of seniors across the country are about the receive $1,681 social security check direct payments three days from now.
Social Security Check for Seniors
Millions of American seniors whose birthdays fall between the 1st and 10th of each month will receive a $1,681 social security check through direct payments. According to the Social Security Administration, the first round of checks worth $4,194 will be sent on Nov.9.
In a recently published article in Washington Examiner, retirees will have a huge increase in their benefits. From $146 to $1,827 per month. The SSA also clarified that seniors or retirees can start their receiving their social security retirement benefits as early as 62 years old.
On its SSA website, it says “But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age … you will get your full benefit.”
How the Social Security Checks are Determined?
The amount of Social Security Checks varies depending on the age of the retirement and the number of years contributed. “If a person born in 1960 or later waits to retire until the age of 67, the full retirement age in 2022, the maximum benefit they would receive would be $3,345. But if a person retires early at the age of 62, the maximum benefit would only be $2,364,” according to the same source of report.
As of this time, there are around 70 million who are enrolled in the Social Security Program. The acting commissioner of the SSA also announced that there will be an increase in COLA of about 8.7%, this is reportedly the highest so far in 40 years.
Recipients of these benefits can also visit the SSA website for information and to know if they qualify for the program.