Americans to get up to $4,555 in checks in days’ time - when will you get Social Security?
Older people are anxiously waiting for their Social Security payments which are due to be delivered at the end of the month.
Social Security checks are set to be administered in only a couple of days' time to qualifying individuals.
Recipients of the support could get up to $4,555 in direct payments depending on their circumstances.
When someone is born helps determine when in the month they will receive their Social Security payment.
Anyone born on or after the 21st of the month will receive their check on Wednesday, August 9, 2023.
While the average direct payment comes to $1,827, the maximum someone can get from Social Security remains $4,555 thanks to 2023’s cost of living adjustment (COLA).
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COLA is the acronym used to describe the annual increase in payment rates for Social Security benefits.
For 2023, this hike reached a 40-year high as COLA hit 8.7 percent amid the US’ economic woes following the pandemic.
This increase was awarded to factor in the impact of inflation on people’s finances, particularly seniors.
Around 70 million people are in receipt of Social Security benefits, including older Americans and disabled people.
The family of those who have passed away may also be able to pick up their deceased loved one’s checks.
Earlier this month, the Senior Citizens League reiterated its prediction that COLA for 2024 would be three percent.
The organization stated: “The Social Security cost of living adjustment (COLA) for 2024 is looking increasingly like it may be around three percent.
“Overall, the inflation rate in July is significantly lower than a year ago.
“However, most older Americans report that persistently high prices still affect their household budgets, according to results from a new survey by TSCL.”
This figure mirrors the Consumer Price Index (CPI) rate of inflation for the 12 month to June 2023.
If a three percent increase were to be implemented to checks, Social Security payments would rise by $53 per month on average.
The rate of COLA will likely be announced by the Social Security Administration in autumn 2023.
