Only one group of retirees will be able to receive the Social Security benefit next week. This is done because the United States Administration in charge of this aspect divides the payment groups into three different ones. Thanks to this system, it is more difficult to have a collapse in the bank accounts, so the checks arrive more smoothly to all beneficiaries.
The maximum Social Security check for age-based retirees in 2022 is $4,194. However, this figure is impossible for most SSA users to reach. As a general rule, the most common figure is $1,666 per month, although this does not mean that all pensioners receive at least that much money.
Many retirees receive more money and many receive less. What we do know is that the maximum for age pensioners is $4,194 per month. This Social Security maximum will change a bit in 2023, as there will be an 8.7% increase due to the COLA. Thus, the maximum in retirement checks will not be $4,194, but $4,555 per month. The change is not huge, but it is enough to keep retirees from losing purchasing power.
The next Social Security check will be sent by the Administration on December 14. To receive it on this date, it is mandatory to have Direct Deposit activated. Otherwise, the payment may take up to 3 days to appear in the bank account. This next check will be received only by retirees born between the 1st and 10th of the month. But it doesn’t matter if the retirement is disability or age-based, as the SSA sends the check to both groups without any distinction in this regard.
How to increase the Social Security check?
Once a retiree starts collecting the Social Security check, increasing it is difficult or nearly impossible. But in case we have not yet started receiving the check, we can draw up a plan that will help us to collect the maximum possible benefit.
To do so, three important elements must be taken into account:
- Retirement age. The later we apply for retirement, the better our monthly benefit will be. The minimum age is 62.
- Salary as a worker. A higher salary means a higher Social Security benefit.
- Years worked. Not only is it important to delay retirement, but it is also important to work at least 35 years.
We may not reach the maximum Social Security check with these tips, but at least we can have a benefit that is close to $4,194 per month in 2022.