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Social Security: Payments of $1,657 going to recipients today

Millions of retired Americans are seeing their Social Security payments deposited today, worth an average of $1,657.

social security card with cash and a check to represent monthly social security payments

Payments for individuals born between the 11th and 20th of the month are seeing their checks today, the third Wednesday of the month.

The average check is now worth $1,657 since the 5.9% COLA increase went into effect.

In 2021 the average check was $1,565. This brought the average up by $92.

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Individuals that are between 66 and 67 could see a maximum of $3,345, if they qualified throughout their working lives.

Individuals that waited until age 70 and collect the maximum can see as much as $4,194.

Those that wait until 70 to collect the maximum also needed to have worked for 35 years earning 6 figures.

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How your Social Security benefit is determined

Your amount is based on the age you chose to retire and how long you worked.

The amount you made while working plays a large factor in your benefits as well.

If you did not work a full 35 years, then $0 will be averaged into your benefits for the years you did not work.

The most you can earn before no longer paying Social Security taxes in 2022 is $147,000.

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This went up $4,200 from 2021.

In 2017, according to The Sun, that wage cap was just $127,200.

The next Social Security check will go out on the fourth Wednesday of the month.

This is Feb. 23, and anyone with birthdays between the 21st and 31st will see a check.

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