Millions of seniors will be getting social security payments today, February 16. The payments could be worth up to $1,657. Today’s payments will be going out to those that are born between the 11th and the 20th of the month. For seniors that were born between the 21st and 28th, benefits will be sent out on February 23.
On average, retired seniors in the U.S. have been getting social security payments worth up to $1,657. The benefits amount recently went up thanks to a 5.9% COLA raise. The benefits amount increased by $92. Before that, retirees could get payments worth up to $1,565.
Claiming and Maximizing Social Security
Seniors can start collecting social security payments between the ages of 62 and 70. For those that are between the ages of 66-67, you can get up to $3,345 per month in benefits. Some seniors could even qualify for more. The maximum payment amount per month is $4,194. Of course, there are strict criteria that must be met to get the max amount.
To get the max amount of social security, retirees must wait until they’re 70 to claim benefits. On top of that, they must have worked in a social security-approved job for at least 35 years. If you work for less than 35 years, the zeros that you accumulate over the years will impact the amount of benefits you can get.
That’s not all, though. To get the maximum amount, you must have been a high-earner throughout your career. The Sun reports that in 2022, the wage cap is $147,000, which is up from $142,800 in 2021. In 2017, the Social Security wage cap was $127,200.
Waiting to claim your benefits will ensure that you get the most money possible. If you don’t wait, then your payments will be less. If you decide to keep working while you collect social security, your payments will be reduced or could even be stopped altogether.
SSI Payments Will Be Sent Out on the 1st
More than eight million people across the U.S. get SSI payments. If you’re one of the Americans that get Supplemental Security Income (SSI), you will have to wait a couple of weeks before you get your next payment. SSI is due to be sent out on March 1.
In addition to increased social security payments, SSI amounts have also gone up. And, just like SS payments, this is due to high inflation and a COLA raise. So, this year, the max amount for SSI beneficiaries to get has increased to $841. The old maximum was $794. For married couples, that amount goes up to $1,261 if they both qualify.
It is possible to get both SSI and social security benefits. If that’s the case, your next social security payment will be on March 3.