Americans can apply to Social Security for payments of up to $4,194 if they choose to retire until age 70. Although the average payment for pensioners is $1,657.
With only two weeks left in the year, SSA beneficiaries’ payments could increase in 2023 due to the new Cost of Living Adjustment (COLA) by 8.7% adding $144 to the average payment.
The increase, which is the highest since 1981, is intended to help beneficiaries cope with last year’s sharp rise in inflation.
However, retirees must have worked in Social Security-recognized jobs for at least 35 years to receive them and delay their entitlement long enough.
Remaining SSA schedule for 2022
Recipients can receive their money on the second Wednesday of the month if your birthday falls between the 1st and 10th of the month.
If you were born between the 11th and 20th, you will be paid on the third Wednesday of each month, which is within 48 hours.
For dates after the 20th, you will be paid on the fourth Wednesday of the month.
- Second Wednesday: December 14
- Third Wednesday: December 21
- Fourth Wednesday: December 28
Maximum Social Security Income
Your maximum Social Security benefit depends on when you begin claiming benefits. When you begin at your full retirement age of 67 in 2022, your maximum benefit is $3345.
If you file a claim in 2022 at age 62, your maximum benefit is $2,364. For people who elect at age 70, the maximum benefit is $4,194, according to the Social Security Administration.
How to get the Social Security check quickly?
To get the check as quickly as possible we can activate Direct Deposit. Using this method, the Social Security Administration will deposit the amount of the check immediately.
Therefore, we can access the benefit money on the same day the SSA sends it. So the fastest way to receive the retirement money is to use Direct Deposit.