Today marks the second Wednesday of the month, which is when millions of Americans will see their Social Security payments worth around $1,657.
Today’s benefits are going out to those with birthdays between the 11th and 20th of any given month.
Those with birthdays between the 20th and 31st can expect their payment in one week on March 23, 2022.
Social Security COLA could increase again in 2023
Social Security in 2022
The average benefit jumped by around $92 per month for 2022.
This was thanks to the 5.9% COLA increase that started Jan. 1, 2022.
Payments went from around $1.565 to $1,657.
SS scam cost Americans $64 million last year
Couples receiving benefits saw and average increase of $154 per month, bringing their average benefit from $2,599 to $2,753.
The most anyone can receive in 2022 in $4,194, but very few get that.
In order to claim the maximum, beneficiaries need to have worked for 35 full years earning 6 figures.
The 6 figure wage cap before you stop paying Social Security taxes has jumped from $142,800 in 2021 to $147,000 in 2022.
These people who collect the maximum also wait until they’re 70 to collect benefits.
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