$2,753 monthly check: who has to approve it for the payment to be effective?
The US Social Security Administration announced a historic increase for the 2022 COLA that will see certain beneficiaries receive up to $2,753 on average.
Every month the Social Security Administration (SSA) sends out payments to retirees, the disabled, and plenty more groups who are eligible. At the end of 2021, over 67 million beneficiaries received some form of financial support from the Social Security Administration, over 72 percent were retired workers.
And those 72 percent are the group that could be receiving the $2,753 monthly check, as long as they fulfil a set of requirements set out by the SSA. The organisation is in control of approving who receives the monthly check, which is tied to retirement age and a host of other factors. Those receiving the $2,753 monthly check are couples who have retired and are recipients of support from the SSA. For individuals receiving retirement benefits, the maximum that can be received is $1,657.
These values are just the average. For retirees who waited to retire until the Full Retirement Age of 67, they could be in line to receive up to $3,345 each month this year, up $197 from the year before. those who file at age 62 this year will have their payments top out at $2,364.
In related news: Earned income tax credit up to $6,728
These values are boosted by 5.9 percent from last year as the administration annually raises benefits to keep up with inflation, called the Cost of Living Adjustment (COLA). However, with inflation continuing to increase, this increase may not be enough for many recipients of the benefits.
How can retirees claim this monthly payment?
The amount that each recipient receives in Social Security benefits depends on their work history. Supplemental Security Income is set by the federal government and is based on need not one’s former earnings. The increase in monthly payments is automatically applied by the agency to beneficiaries already collecting their entitlement.
The longer Americans wait to receive payments from their federal retirement account, the higher the monthly check they can expect based on their work history. You can use an online tool provided by the Social Security Administration to calculate your benefit.
If you are planning on retiring this year, you will need to contact the Social Security Administration or go online to the “my Social Security” website to start the process to claim your benefits.