Social Security Payments: Who Will Receive $4,555 This August 2023?

Millions of retirees are set to receive Social Security payments in the coming days, with some eligible to receive up to $4,555, according to Washington Examiner.

Social Security Payments August 2023 will be distributed in three waves, based on recipients' birthdates. Those born between the first and the 10th of the month will receive the first wave of payments on August 9.

The second wave, on August 16, will benefit individuals born between the 11th and 20th of the month. The third wave, on August 23, will cover recipients born after the 21st.

Recipients will receive one payment each month, but there are also specific payment dates for retirees living outside of the United States and those receiving both Supplemental Security Income and Social Security benefits.

For individuals who retired before 1997, there will be a separate payment on August 3.

The amount received by each beneficiary can vary due to several factors.

The age at which an individual retires, the length of time they contributed to the program, and the amount they paid into Social Security during their working years all play a role in determining the total amount they receive.

These factors calculate the maximum payment each retiree is eligible for under the Social Security program.

How Much Money Will Be Sent Out for Social Security Payments August 2023?

Social Security beneficiaries can expect an increase in their benefit payments due to the 8.7% cost-of-living adjustment (COLA) implemented by the Social Security Administration in August 2023, per Disability Benefits Center.

The COLA aims to adjust benefits to account for changes in the cost of living based on the previous year's consumer price index for urban wage earners and clerical workers.

The average Social Security payment for retirees is around $1,827 per month.

Those who retired at age 62 may receive up to $2,572 per month in benefits, while those who waited until the maximum age of 67 can receive up to $3,627 per month.

Individuals who wait until age 70 to draw their Social Security retiree benefit may be eligible for up to $4,555 per month.

For recipients of Supplemental Security Income (SSI), the maximum benefit they can receive is $914 per month, while the average benefit is around $600.

For married couples where both partners receive SSI benefits, the combined monthly benefit can be up to $1,371.

It's important to note that the exact amount of Social Security payments August 2023 will vary depending on everyone's unique situation.

However, with the 2023 cost-of-living adjustment, it is anticipated that almost all Social Security beneficiaries will experience a higher benefit payment amount in August 2023 than August 2022.

Standard Retirement Age in the United States

House Republicans have recently proposed a significant change to the standard retirement age in the United States, said NSFAS.

As of now, the standard retirement age is 67. However, the new proposal seeks to gradually increase the full retirement age to 69 by 2033.

This change could potentially impact individuals planning to retire in the coming years.

Under the current system, individuals can retire early at 62, but choosing to do so may result in a reduced benefit amount.

On the other hand, those who decide to delay their retirement beyond the standard age of 67 can earn delayed retirement credits, which could increase their benefit amount by 8% for each year they postpone retirement until the age of 70.

This article is owned by Latin Post.

Written by: Bert Hoover

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