In less than a week, millions of Social Security beneficiaries will receive direct payments worth an average of $1,681 for those whose birthday falls between the 1st and 10th of each month.
The first round of checks will be sent on Dec. 14 and could be as high as $4,194, according to the Social Security Administration. Retirees can expect to see an increase of $146 to $1,827 per month starting next January.
“You can begin getting Social Security retirement benefits as early as age 62,” the SSA states on its website. “But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age … you will get your full benefit.”
The second wave of checks will be sent out on the third Wednesday of each month to those born on the 11th through 20th of their birth months, with this month’s payment set to be sent to that group on Dec. 21. Finally, the third wave of payments will be sent out on the fourth Wednesday of this month, Dec. 28, for those born on the 21st through 31st of their birth months, according to the Social Security Administration.
The SSA’s acting commissioner announced the highest cost of living adjustment in 40 years, an 8.7% increase, due to record-high inflation numbers. The last time the agency gave a larger increase was in 1981 when it was 11.2%.
Recipients can calculate the exact bump they will receive from the cost of living adjustment by multiplying their Social Security benefit by the 8.7% adjustment.
Regular Social Security checks differ from other payments distributed by the agency, such as disability insurance or Supplemental Security Income. SSI payments are set to be paid out to eligible recipients on Dec. 30.