Americans who receive Supplemental Security Income (SSI) or Social Security payments will receive a bonus check today.
Due to the peculiarity of the payment schedule, October 1st falls on a Saturday, so eligible recipients received one check on September 1st and one more check on Friday. Payments are typically made on the first of the month.
However, the two checks will be dispersed in September, so recipients won’t receive their checks again until November.
In a Frequently Asked Questions (FAQ) on its website, the Social Security Administration (SSA) states, “If a regularly scheduled payment date falls on a Saturday, Sunday, or a legal holiday, benefits will be disbursed on the business day before the due date. will be paid.” page.
This is the third time such a situation has occurred, the first in March and the second in June. A similar situation will occur in December, meaning recipients will not receive their checks until January 2024.
Social Security benefits are determined by several factors that vary by beneficiary and household, including work history and the age at which they begin collecting. The more credits you earn during your employment, the more benefits you will receive by the time your program camps.
Until age 70, the later you receive benefits, the more benefits you can receive.
If you start collecting benefits at full retirement age of 67, you could collect up to $3,627 in Social Security benefits this month, according to Nasdaq. Those who begin collecting at the earliest age of 62 will receive up to $2,572, and those who begin collecting at age 70 will receive up to $4,555.
According to the SSA, the average amount retirees collect is about $1,838.
October is a key month when SSA releases cost of living adjustments (COLA) for seniors, and policy groups such as the Senior Citizens League (TSCL) say the adjustment will be 3.2%, an increase of 3% from August projections. The average monthly retiree benefit is $1,790 x $57.30.
With inflation slowing due to other factors, the COLA pales in comparison to the 8.7% that retirees receive today. The figures, announced almost a year ago, were the highest in 40 years.
“It’s very difficult to save enough these days,” said Mary Johnson, Social Security and Medicare policy analyst at TSCL. newsweek Early this month. “To actually secure more than $1 million for an average annual salary of $40,000, you have to start much earlier.
“If people don’t have those jobs and don’t have that kind of money saved up, it’s very difficult,” she said.
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