The first few months of 2023 are almost through, and as the cost of living continues to rise and the low temperatures persist, more and more individuals are turning to their Social Security benefits to help them get by.
The Social Security Administration bases a beneficiary’s payment eligibility on their date of birth, which enables people who receive it to make necessary planning arrangements.
SSA’s Third Payment
The Cost-of-Living-Adjustment of 8.7% owing to inflation has continued to be implemented, resulting in an increase in the overall amount of Social Security payments during the first two months of the year.
The Social Security Administration will make its third payment in February at this time, and individuals who were born between January 21 and December 31 will be the recipients.
Depending on the age at which beneficiaries retired and began receiving benefits, the amount they get from these payments varies. Those who retire at age 70 receive the highest payout. According to the SSA, recipients who retired at 67 can expect a maximum check of $3,627 and those who retired at 62 can expect a maximum check of $2,572.
Regular Social Security benefits are based on earnings made over the course of a recipient’s lifetime and are not subject to resource or income restrictions. The SSA’s retirement benefits are distinct from other payments given out by the government, such as Supplemental Security Income or disability insurance.
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How To Calculate Social Security Payment?
Regular Social Security benefits are not subject to resource or income limitations and are based on earnings made over the course of a recipient’s lifetime. Retirement benefits provided by the SSA are different from other government payouts like Supplemental Security Income and disability insurance.
The following terms and their meanings must be understood by anyone who wants to determine how much their future benefits will ultimately be: Bend points, PIA (Primary Insurance Amount), AIME (Average Indexed Monthly Earnings), NAWI (National Average Wage Index), and COLA (Cost-Of-Living-Adjustment).
Anyone attempting to calculate their Social Security benefits has several options, including going in person to an SSA office to get an estimate, having the SSA calculate your benefits for you, doing it yourself, or setting up an online account on the SSA’s website and using their calculators with your data.