Social Security Administration Increases Payment Rates for February 2021
By As the cost of living continues to rise, millions of Americans rely on Social Security payments to make ends meet.[0] The Social Security Administration (SSA) has issued two rounds of retirement payments for the month of February, worth up to $4,555, to recipients beginning on Wednesday, Feb. 3.[1] The first round of payments will be sent out on March 1 and the second on March 31.[2]
The Social Security Administration first issued SSI payments in January 1974, with payment rates increasing for cost of living adjustments since 1975.[3] The SSA has also announced the biggest payment increase for the program in decades, with a cost-of-living adjustment (COLA) of 8.7% for qualifying individuals.[4] This means the average monthly benefit for the 70 million Americans who are entitled to Social Security is $1,827.[1]
Individuals who chose to retire at age 70 will receive the highest payment of $4,555, while those who retired at 67 will receive a maximum check of $3,627 and those who retired at 62 will get up to $2,572.[5] Essential persons, who live with someone receiving SSI and provide necessary care for them, will have payments of $458, according to the SSA.[6]
The Congressional Budget Office is projecting that the SSA’s funds will be exhausted by 2033, so it is important to keep track of payment dates.[0] According to Acting Commissioner Kilolo Kijakazi, “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.[1]
0. “Social Security Update: New Winter Regular Deposits Issued Between $1827 And $4555” PanAsiaBiz, 8 Feb. 2023, https://www.panasiabiz.com/53601/social-security-update-new-winter-regular-deposits-issued-between-1827-and-4555/
1. “What To Expect From Social Security This Year…” Forbes, 9 Feb. 2023, https://www.forbes.com/sites/johnwasik/2023/02/09/what-to-expect-from-social-security-this-year/
2. “Social Security update: Here's why recipients will get two SSI direct payment checks in March” Washington Examiner, 8 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-why-recepients-two-ssi-checks-march
3. “Social Security update: First of March's double SSI payments worth $914 to arrive in 23 days” Washington Examiner, 6 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-update-first-of-marchs-ssi-to-arrive-in-23-days
4. “Social Security COLA 2023: When Will My Benefits Increase Begin?” AOL, 9 Feb. 2023, https://www.aol.com/social-security-cola-2023-benefits-180023394.html
5. “Social Security update: Direct payment worth up to $4555 to arrive today for millions” Washington Examiner, 8 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-update-payment-worth-4555-arriving-today-for-millions
6. “Social Security update: First of two double direct payments worth $1828 to arrive in 21 days” Washington Examiner, 8 Feb. 2023, https://www.washingtonexaminer.com/finance-economy/social-security-two-double-payments-21-days-march
