2023-10-02 03:06:41
Social Security will send the first of three payments that it will give during the month of October. Beneficiaries could receive up to $4,555 if they waited until age 70 to retire. This first payment will be made within 10 days.
The first batch of payments will be sent on October 11, 2023 and will be for people who were born between the 1st and the 10th of any month of the year.
Second payment will be sent on October 18 and will be sent to people who were born between the 11th and the 20th of any month of the year.
The last group, made up of people born on or after the 21st of any month, will receive their payment on October 25.
The maximum amount of money a retiree can receive from the government depends on their age at retirement, how much money they have paid into Social Security, and how many years they have been contributing to the program.
People who wait to retire until age 62 can receive up to $2,572 per month. But If they wait until age 70, they could have up to $4,555 a month.
Those who retire at full retirement age, which is age 67, receive a maximum payment of up to $3,627 per month.
Keep reading:
· 3.2% COLA increase in Social Security checks is not enough for retirees’ monthly expenses, The Senior Citizens League survey reveals
· Medicare Part B premiums will increase a minimum of $10 in 2024; What impact will it have on the new COLA on Social Security checks?
· COLA in Social Security checks: the two positive points of the estimated increase of 3.2% for 2024
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