As the cost of living continues to rise, millions of Americans rely on Social Security payments to make ends meet. 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. The first round of payments will be sent out on March 1 and the second on March 31.
The Social Security Administration first issued SSI payments in January 1974, with payment rates increasing for cost of living adjustments since 1975. 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. This means the average monthly benefit for the 70 million Americans who are entitled to Social Security is $1,827.
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. Essential persons, who live with someone receiving SSI and provide necessary care for them, will have payments of $458, according to the SSA.
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. 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.
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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/
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