The Government has made an announcement. A new payment is on the way. So this is great news if you are eligible. This new check will bring more money than your benefit in December. This is because of the latest Cost of Living Adjustment.
The Social Security Administration (SSA) has increased benefits by 3.2%. In this way, they are helping retirees and people on disability benefits maintain their buying power. Hence, your new payment will be about 50-60 dollars higher.
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Bear in mind that retirees may receive a larger payment than those citizens on SSDI. This is because Social Security requests working for longer and paying more taxes to get a larger benefit. A disability prevents workers from working, so they do not have the same opportunities as those who file for retirement.
PAYMENT ELIGIBILITY – ELIGIBLE RETIREES AND SSDI RECIPIENTS
To get this new check you must have filed first. These retirement or disability benefits are not for everyone. In fact, if you started receiving them before May 1997, you will not be eligible.
What is more, your birth date must fall between the 21st and the 31st. So, if you started collecting payments from May 1997 onward and your birthday is from 21-31, you will receive this new check.
The payday will be due on January 24. It will be the last payment that the Social Security Administration has scheduled for January. At last retirees and people on disability benefits can enjoy the new Cost of Living Adjustment increase.
This 3.2% boost means getting about $59 extra per month if you are eligible for retirement benefits. SSDI recipients will only receive about 48 dollars extra per month after the COLA boost.
JANUARY 24 CHECK AMOUNTS FOR RETIREES AND SSDI RECIPIENTS
The amount of your new payment will depend on your previous earnings and work history. The age you filed and got the approval also affects the amount of the checks.
However, there are some possible maximum and average amounts. If you qualify for an average payment in retirement, your check will be about $1,907. If you qualify for the largest check, it could be $4,873 at the age of 70, $,3,822 at Full Retirement Age, and $2,710 at 62.
To get such a large benefit you must have earned the taxable maximum for 35 years. The longer you delay filing, the higher your payment will be until you are 70 years old.
SSDI or disability benefits have a maximum amount of up to $3,822. Nevertheless, your SSDI average benefit may be closer to reality. As a matter of fact, the average payment is just about $1,537.