Many United States residents age 62 or older collect benefits from the Social Security Administration (SSA). In the current year, the average salary of pensioners is $1,848.00 USD. North Americans taking advantage of the remainder at age 62 will receive $2,572.00 USD per month. Americans who retire at age 67 earn $3,627.00 USD. Meanwhile retired persons aged 70 and above can access $4,555.00 USD.
In October last year, it was reported that the Cost of Living Adjustment (COLA) will increase to 8.7% in 2023. The 2022 COLA establishes a maximum SSA payment of $4,194.00 USD, which represents an increase of $361.00 USD in 2023.
The federal agency began providing financial assistance in 1940 and since that year the numbers have depended on the retirement age. Seniors whose birthday is from the 1st to the 10th of each month will be paid next Wednesday, November 8.
Requirements to be met to receive benefits
Seniors born on days between the 11th and 20th of all months will receive the payment on November 15. Citizens with a date of birth between the 21st and 31st of any month enter their finances on November 22.
To be eligible to receive this cash resource, beneficiaries must obtain a Social Security number (SSN). Those interested in opting for these SSA benefits must have North American citizenship, permanent residence or employment authorization.
Other requirements include having a job and paying SSA taxes. In addition, this entity pays Supplemental Security Income (SSI) to the disabled in the amount of $914.00 USD.
These disabled people received their benefits on Friday, November 3. Social Security announced that next year’s COLA will be set at 3.2%, so retirees’ payments will increase. The SSA added that there are some pensioners who earn $360.00 USD more than their monthly allowance.