MILLIONS of retirees will receive their next $ 1,657 social security payment tomorrow.
Benefits for seniors born between 11th and 20th of the month airs March 16th.
Retired Americans born between the ages of 20th and 31st in the month get their next monthly SS benefit on March 23.
This year, retired workers have seen an increase of $ 92 on average as their payments have risen from $ 1,565 to $ 1,657.
The average monthly payment for couples has risen from $ 2,599 to $ 2,753 – a jump of $ 154.
Benefits increased in line with increase in cost of living at 5.9 percent, which went into effect January 1st.
COLA is calculated on the basis of data from the consumer price index for urban and office workers (CPI-W), which measures changes in the price of popular goods and services.
The maximum monthly SS payment is $ 4,194, but retirees must have worked in Social Security approved jobs for at least 35 years to get this.
If you work fewer years, the zeros you accumulate will affect the amount you receive.
Americans must also have earned the taxable minimum for social security to be in line with the bumper sum.
In 2022, the wage cap is $ 147,000 – an increase from $ 142,800 in 2021 – an increase of $ 4,200.
To get the maximum benefit, seniors must have been highly paid throughout their work.
And Americans have to wait until they turn 70 before they start receiving the benefits.
The Social Security Administration has warned victims to be vigilant potential fraud.
There were more than 568,000 reports on social security fup trials last year, which amounted to over $ 63.6 million in losses to the victims.
The agency has already received more than 31,000 social security-related fraud complaints this year.
Many more incidents may be unreported due to shame or embarrassment, government officials say.
Scammers use a variety of tricks to try to obtain important personal information such as your CPR number or bank account information.
They may try to threaten you with arrest if you do not pay a presumed fee or fine.
Scammers have also sent pictures of fictitious state emblems, used fake identification numbers and mail with fake SSA letterhead.
Gail Ennis, an SSA inspector general, said: “The Social Security Administration will never ask anyone to transfer money, buy gift cards or pay with cryptocurrency.”
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