MILLIONS of senior citizens will receive social security checks in the amount of $1,657 this week.
The 5.9 percent adjustment of cost-of-living boost means that retirees will receive an increased payment.
Retired workers will receive $92 more than they have in the past, bringing their monthly benefit check to $1,657.
People who were born between the 11th and 20th will receive their SS check this week.
And those born after the 20th can expect to get their payments on Jan. 26.
The next checks coming for retirees born between the 1st and 10th of the month will be sent out on Wednesday, Feb. 9.
The maximum benefit amount this year is $4,194.
To get that amount, you have to earn six-figures throughout your entire career, work a minimum of 35 years, and delay your claim.
Social security recipients should have already received a letter that explains the new COLA increase.
If Americans don’t receive their check on the expected arrival date, they should contact the SSA after waiting three extra mailing days.
The SSA lets beneficiaries receive their checks monthly and seniors can’t withdraw their money as a total lump sum.
But retirees who have separate retirement savings accounts such as a 401 (k) could take out more money if they would like to do so.
The 5.9 percent increase is the biggest COLA increase in the past 40 years. Last year, benefits were increased by just 1.3 percent.
The increase comes as crippling inflation is continuing to affect consumers.
Benefits increased by about 5.8 percent during 2009, but the adjustment was zero in the years after that.
Some beneficiaries have been concerned that despite the extra cash, the payments won’t be able to cover the high costs of inflation.
One person posted a tweet saying: “Ya, I received a whole 30$ increase to my check, that will help with the higher cost of everything lol.”
Another commented: “My SS check only went up $52 that does not even help cover my gas bill.”
If recipients believe their SS check might have been stolen, then they will need to contact the SSA office immediately.
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