Thousands and thousands of United States citizens will soon receive their Social Security retirement benefit. This benefit helps people live more securely and combat all kinds of price inflation increases worldwide. The Senior Citizen League says that the COLA (cost-of-living adjustment) will go up by about 8.6%. This is a fairly large increase compared to the small increase in Social Security wages and pensions.
In this sense, the benefit will rise a little, but not enough to face the entire COLA increase with the greatest peace of mind. However, both low and high pensions will receive an increase in their pay on a monthly basis. Then anyone who is collecting a benefit from Social Security, whether for retirement or other reasons, will see their payment increase.
What is the Social Security benefit increase?
When we say increase, we mean average increase. Not all Social Security retirement benefits will rise in the same way. Each benefit is individual, so they will all go up differently. The best way to find out is to check your bank account and see how much you have been paid.
The average benefit increase is around $140 per month if your pension is less than $1800. If your benefit is up to $455, you can see it go up by about $361. These increases depend both on the COLA and on individual and particular situations.
When is the retirement benefit paid?
The dates for collecting Social Security retirement benefits are always the same and depend on the individual’s date of birth. For people born between the 1st and 10th of the month, the month of payment is the second Wednesday of the month, which means that this month is June 8.
On the other hand, all persons born between the 11th and 20th will receive their Social Security benefit on the third Wednesday of the month, the 15th in June. Finally, people with a birthday between the 21st and the 31st will be able to receive their benefit on the fourth Wednesday of the month, June 22nd in this case.
