Millions of Americans collecting Social Security can soon expect their payment worth as much as $4,194 today.
Those receiving benefits who have a birthday between the first and tenth of the month can expect the payment today.
In 2021 the max payment was worth $3,895.
The average amount for each recipient rose thanks to a 5.9% COLA increase in 2022.
When will everyone else see their Social Security checks?
The first round is going out today, May 11, for those with birthdays on the first through the tenth as noted above.
The second round will go out on Wednesday, May 18 for those with birthdays between the 11th and 20th.
Finally, the third round will go out on Wednesday, May 25, for those with birthdays on the 21st or later.
How much are checks?
What you receive as payment depends on what you’ve made throughout your working life.
The highest earned 35 years are averaged out.
Next, the age you choose to retire will directly impact what you’re paid.
If you choose to retire as early as 62, you risk losing out on as much as 30% of your full benefit.
You can retire at your full retirement age and see 100% of your benefits.
Those earning over $4,000 in benefits were high earners but also waited until age 70 to retire.
Waiting until 70 will boost your benefits by about 8% each year between your full retirement age and 70.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].