In 10 days, 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 the checks 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.
Social Security checks are determined by several factors, including the date the recipient retired and how much he or she paid into the program.
“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 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%.
In order to calculate the exact bump that one will receive from the cost of living adjustment, recipients can multiply their Social Security benefit by the 8.7% adjustment.
Additional information about the adjustment can be found on the SSA website. Roughly 70 million recipients are enrolled in Social Security.