Millions of retirees will receive direct payments worth an average of $1,681 in just six days for those whose birthday falls between the 1st and 10th of each month.
The first round of checks, as high as $4,194, will be sent on Nov. 9, according to the Social Security Administration. Retirees will see an increase in their benefits of $146 to a high of $1,827 per month starting next January.
Social Security checks are determined by several factors, including when the recipient retires and how much he or she paid into the program.
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“You can begin getting Social Security retirement benefits as early as age 62,” the SSA says 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.”
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The SSA’s acting commissioner recently announced the highest cost-of-living adjustment in 40 years — an 8.7% increase. 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 must multiply their Social Security benefit by the 8.7% cost-of-living adjustment. Additional information about the adjustment can be found on the SSA website. Approximately 70 million recipients are enrolled in Social Security.
