The first 2023 Social Security retirement payments, which might total $4,194, are due to claimants in only two days.
Several elements, such as the recipient's choice of when to retire and begin collecting Social Security payments, will affect the precise amount of money they will get from these checks.
Social Security Payments 2023
The maximum reward of $4,194 is only available to retirees who were 70 years old or older. According to the Social Security Administration, beneficiaries who retired at 67 will get a maximum payment of $3,345 and those who retired at 62 would receive up to $2,364 per month.
The SSA will always start disbursing beneficiaries' retirement benefits on the second Wednesday of each month, with the first payment, and finish with the third payment on the fourth Wednesday of that month.
According to the administration's calendar, the payments due to be distributed on January 11 will go to individuals who were born between the first and tenth of a given month. The following Wednesdays will see the distribution of this month's retirement payouts to beneficiaries, according to Washington Examiner.
Those whose birthdays occur between January 11 and January 20 receive money on January 18, while those whose birthdays fall between January 21 and January 31 receive cash last on January 25.
Regular Social Security benefits are based on earnings made over the course of a person's lifetime and are not subject to restrictions based on wealth or income.
Retirement benefits from the SSA are distinct from other payments provided by the organization, such as disability insurance or Supplemental Security Income, the latter of which already received its January payments on December 30, 2022, and is due to do so again on February 1.
According to analysts, Social Security insolvency may happen as early as 2034 if Congress does nothing to address the issue. The fact that more people are living longer due to medical and scientific developments, which enables them to receive Social Security payments for longer than anticipated, is one factor contributing to the impending bankruptcy catastrophe.
The Committee for a Responsible Federal Budget asserts that fewer individuals are working and contributing taxes to provide these benefits on a regular basis.
In many cases, the daughters and sons of retired, deceased, or disabled employees are eligible to receive Social Security payments based on their parents' earnings history. Children are included in Social Security's benefit structure to help retirees with younger children support their families and as a kind of insurance in the event that a parent passes away or is unable to work due to a condition.
According to the Social Security Administration, approximately 4 million children received payments in October 2022 totaling around $3 billion (SSA). In many instances, the daughters and sons of retired, deceased, or handicapped employees are eligible to receive Social Security payments based on their parents' earnings history.
Children are included in Social Security's benefit structure to help retirees with younger children support their families and as a kind of insurance in the event that a parent passes away or is unable to work due to a condition. Per AARP, the SSA states that approximately 4 million children received payments in October 2022 totaling around $3 billion.
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How to Contact SSA?
As the SSA distributes the first batch of January checks, some Social Security recipients may have concerns or inquiries regarding their monthly payments. The 8.7% cost-of-living rise for 2023 is included in this payout. Clarify any misunderstandings by calling the SSA if you have any unresolved queries regarding Social Security, whether they relate to your Supplemental Security Income or this year's COLA rise.
Maybe you're wondering how much money you'll get from the COLA increase this year. Or perhaps you got a call informing you that you had been the victim of Social Security identity theft, which worried you. Depending on your circumstance, this is what you should do and who you should contact if there is a problem with your account or you have questions you need the SSA to respond to.
Do not get alarmed if you receive a call alleging that your Social Security number is incorrect, that you are a victim of identity theft, or that you are the victim of some other fraud. The Social Security Administration claims that it is uncommon for one of its agents to threaten someone over the phone with a lawsuit or an arrest.
The SSA noted in a post that some fraudsters will approach victims and threaten legal action, arrest, or make offers to raise benefits, preserve assets, or settle identity theft. Watch out for any callers that claim there are problems with your Social Security number or account, demand payment for a fee or a debt, or pose as representatives of the government.
If you get a call, end the call and fill out this form to report the number to the Office of the Inspector General. Don't feel bad if you answered the scammer's call and gave them any personal information.
Make sure you notify the SSA if you've experienced financial loss and that you were a victim of a financial fraud. You may discover this information on your My Social Security account if you have general inquiries regarding your Social Security payments, such as when you'll get your payment or how much your COLA increase will be.
You may anticipate getting a letter in the mail this month with that information if you don't already have one. Use the phone below to get in touch with the Social Security Administration if you have any additional problems, including a missed payment. Have more inquiries? Here are the phone numbers for these government agencies, according to CNET:
Phone number for social security: 800-772-1213
Medicare phone number: 800-633-4227 Social Security Disability number: 800-772-1213
Hotline for Social Security Fraud: 800-269-0271
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