Retirees are about to cash a new payment. The best thing about this check is the fact that it can provide seniors with a payment worth $4,555. If you retired at the age of 70 in 2023, you still have a chance to collect the maximum amount.
However, it will depend on your previous earnings and the number of years you paid taxes to the Administration. Not all retirees can get such a large payment because not all of them were high earners as workers.
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Since this is a Social Security payment, you must have applied for retirement benefits from May 1997 onward. If you collected retirement benefits before May 1997, this check will not be for you.
RETIREES AND ELIGIBILITY FOR THE CHECK WORTH UP TO $4,555
Apart from filing for Social Security, retirees must have their birth date on a specific date. Otherwise, they will not receive their payment on December 13. So, make sure your birthday is from the 1st to the 10th of the month.
Those retirees on retirement benefits will cash up to $4,555 if their birthday is on one of the first ten days of the month. If your birthdate is after the 10th, you will have two more possible dates.
Bear in mind that average checks are not so high. As a matter of fact, most retirees will receive a payment of about $1,848 in 2023. Thanks to the cost of living adjustment, they will get a 3.2% more in January.
On average, retirees will receive about $59. Therefore, they will get more than 700 dollars per year on average. Even if a 3.2% boost seems too little, they can save it a build up an emergency fund. In this way, they will have additional cash for unexpected expenses.
TWO MORE PAYMENTS IN DECEMBER 2023
Those retirees who do not qualify for the December 13 payment can get their money on December 20 or December 29. Of course, apart from having filed, their birthday must meet the requirements.
The checks arriving on December 20 will only be for those seniors whose birth date is from the 11th to the 20th. If your birthday is after the 20th, you will cash your money on December 27.
All these 3 payments can give beneficiaries checks worth $4,555. This will be the last month when seniors can get that amount. The 2024 COLA boost will turn it into $4,873
On the contrary, some retirees whose payment is too low can get SSI too. There is also good news for them because they will collect their monthly SSI payment on December 29. New Year should have been their payday, but it is a holiday. Thus, they collect their checks of up to $943 three days in advance.