Inflation in the United States is making it difficult for many American families to meet all of their monthly expenses. This situation is especially bad for Social Security beneficiaries. If on the one hand workers can ask for a pay raise every month, retirees cannot increase their retirement benefits. For this there is the COLA, which increases every year a little bit the retirement and disability benefits. For next year, the COLA will increase Social Security benefits by 8.7%, but there is no increase until January.
But retirees are in luck this week, as they will receive the last payment of their Social Security retirement benefit. Disability retirees will also receive their benefit, as long as they meet a single requirement. The payment date is October 26th. On this day, the Social Security Administration will send the last payment of the month to pensioners. If you were born between the 21st and 31st of the month, this same day will be the day you receive the money. Even so, remember that it may take up to 3 days for the money to appear in your bank account if you do not have Direct Deposit activated.
So, since this is the last Social Security payment in October, all retirees with a subsidy should have their money by the end of the week. If not, there may very well be some error with your payment. The previous SSA payments were on the 12th and 19th day of the month. On those days pensioners born between the 1st and 10th on one side and between the 11th and 20th on the other side were paid. In short, any pensioner should have the money in his or her bank account in just a few days.
The maximum Social Security benefit in 2022
As of today, the maximum Social Security benefit in 2022 is $4,194. Not everyone can access such a high figure, as you should have started planning for retirement long before you apply for it. Still, if you want to get close to the maximum figure, you need to do the following before you apply for retirement:
- Work 35 years. Every year not worked under 35 greatly reduces your retirement benefit. Try to work at least 35 years.
- Retirement age. If you want to have a high retirement, wait as long as possible before applying for Social Security. The minimum retirement age is 62, but that will lower your subsidy. If you retire at 67, you will get 100% of your benefit. If you delay retirement until 70, you’ll have a good bit of extra money every month.
- Salary. The salary as a worker is fundamental if we want a good benefit. The higher the salary, the higher the Social Security.
While it is not easy to reach the maximum benefit of $4,194, with these three tips you will be able to reach a much higher figure, so try to apply them in your life as a worker.