A large number of retirees in the United States are in for a treat. The Social Security Administration will start sending out retirement and disability checks in just a few days. If you want to know if you are one of the beneficiaries to receive one of these checks, all you have to do is check your date of birth. With this information, any retiree has access to the day on which they will receive their Social Security check.
This is very useful information, since a large part of these retirees only have Social Security as their only source of income. However, it is good to remember that this type of income should not be the only dollars coming into a retiree’s pocket. In theory, this income should be about 40% of monthly income. Unfortunately, not all retirees have the option of having more money on a monthly basis other than the Social Security check.
Still, keeping track of the day of this income is really helpful. Next December 14, the Social Security Administration will send the payment to all retirees born between the 1st and 10th of the month. The rest of the retirees should not worry, as the SSA will send them the money anyway, although in the following weeks. To be more precise, on the 21st and 28th of December, the SSA will send these last payments pertaining to the year 2022.
Maximum Social Security payments in 2022
Starting next year 2023, Social Security payments will have an 8.7% increase due to the COLA. For the time being, any retiree receiving their benefit money can collect a maximum of $4,194 per month in 2022.
However, it is not easy to reach such a large figure when it comes to having a Social Security benefit. Typically, retirees are closer to an average check around $1,666. To get the maximum SSA retirement or disability benefit check you have to follow these guidelines:
- Work for 35 years. The more years you work, the higher your Social Security will be.
- Get a good salary. Your monthly retirement check depends directly on your taxes. The more taxes you pay, the more money you will receive in retirement.
- Delay your retirement age. To reach the maximum Social Security check, it is mandatory to wait until age 70 before retiring.
By following these 3 guidelines, any retiree will be able to get a big check to help pay the bills every month. Of course, once we start collecting the Social Security check, it will be very difficult to increase it. So planning everything well is the best possible option.
However, it is not mandatory to maximize all of these aspects. It is possible to get an average paycheck of $1,666 and have a good retirement. It all depends on our budget and whether we have been able to save enough to live as well as possible.