Social Security Check: What You Need to Know
Retirement can be an exciting time in a person’s life, but it can also come with financial concerns. Fortunately, in the United States, retired workers can receive Social Security Checks starting at age 62, as one of the contributions to their economic well-being.
The Social Security Administration (SSA) has been sending these pension checks to retirees since 1940, with the amount varying based on age range and individual contributions throughout their employment. As of January 2023, the average monthly payment is $1,827, with an increase of about $146 due to the Cost of Living Adjustment (COLA) of 8.7%.
Couples who both receive benefits can expect an average check of $2,972, while a widower with two children will receive an average of $3,520, and a widower alone will receive $1,704. Disabled workers will receive an average check of $1,483 for themselves, while a disabled worker with a partner and one child will get $2,616.
Meanwhile, Supplemental Security Income (SSI) recipients will see an increase in their median payments to about $656, with the standard check being $914 for individuals and $1,371 for couples.
It is important to note that SSI recipients receive their payments on the first of each month, whereas those who began receiving Social Security payments before May 1997 will receive theirs on the 3rd. The rest of the payments are sent according to the birthdate of the beneficiaries.
If you’re a retiree or soon-to-be retiree, it’s crucial to learn all the relevant information on Social Security Checks so you can plan your finances accordingly. With the increase in the basic basket, these monthly payments provide essential support in the later stages of life, helping people cover living expenses with more ease.
