United States citizens receiving a Social Security benefit have a new stimulus to cash the check. Beginning January 2023, the COLA stimulus makes all Social Security benefit checksgo up 8.7%. This is great news for retirees who want to somehow fight inflation and everything related to it.
The huge increase in prices during 2022 has caused some pensioners to lose purchasing power. Fortunately, this new stimulus causes the check to increase significantly so that all pensioners’ bills can be paid. On the other hand, it is also important to remember that this COLA stimulus is for all pensioners.
Thus, it does not matter if the retiree has a disability, age, orphan or survivor’s pension. The important thing in these cases is to have one of these benefits accepted. Another thing we must not forget is that retirees receive the check on the second, third or fourth Wednesday of the month, depending on the day of birth. When will you receive this check with the stimulus of the Social Security increase?
Social Security payment schedule with the new stimulus of 2023
In January, the Social Security Administration begins sending out pension checks with the 2023 COLA increase stimulus. These checks can go up to a maximum of $4,558, although it is true that this figure is not accessible to all retirees, as only those who meet certain requirements can reach the maximum amount.
If you have an accepted Social Security benefit, regardless of the amount and reason for retirement, you will receive the check on one of the following days in January.
If you were born between the first ten days of the month, you will receive your benefit on the first of these days. If you were born between the 21st and 31st of any month, the next check with the stimulus included will be for you. Finally, Social Security will send the third check to retirees born between the 21st and 30th of any month on the fourth Wednesday in January.
So retirees born between the 21st and 31st of the month will be able to enjoy their Social Security retirement check just today. Thanks to this calendar, we can organize in a simpler and more comfortable way everything related to the domestic economy.
Therefore, today retirees born between the 21st and 31st of the month will receive their last Social Security cheque for the month of January 2023. This is great news for those retirees who were waiting for their benefit.
How do you maximize your pension amount?
Social Security Administration checks depend on three fundamental factors. Each of these three factors affects the check directly. In order to get the maximum check, it is mandatory to maximize these three factors as much as possible.
Retirement age. The later we apply for retirement, the better. To obtain the maximum check, it is necessary to wait until age 70. If we apply for retirement at age 62, the check will be 30% less than the money we have contributed. Waiting until 70 will give us a good stimulus that will make us earn more money every month.
Years worked. If we work less than 35 years our retirement check will be much smaller. This is because any year worked below that threshold adds $0 to the retirement average.
Salary as a worker. A higher salary means we pay more taxes. Therefore, if we have a very high salary we can more easily get to a better Social Security benefit.