MILLIONS of retirees will receive their next Social Security payment worth $1,657 tomorrow.
Benefits for seniors born between the 11and and 20and of the month will be sent on March 16.
Retired Americans born between the 20and and 31st of the month will receive their next monthly SS allowance on March 23.
This year, retired workers received an average increase of $92, with their payments rising from $1,565 to $1,657.
The average monthly payment for couples rose from $2,599 to $2,753 – a jump of $154.
Benefits increased in line with the 5.9% cost-of-living adjustment increase that came into effect on January 1.
COLA is calculated using data from the Consumer Price Index for Urban Wage and Clerical Workers (CPI-W), which measures changes in the cost of popular goods and services.
The maximum monthly SS payment is $4,194, but retirees must have worked in Social Security-approved jobs for at least 35 years to qualify.
If you work fewer years, the zeros you accumulate will affect the amount you receive.
Americans must also have earned the minimum Social Security taxable amount to qualify for the exceptional sum.
In 2022, the salary cap is $147,000 — up from $142,800 in 2021 — an increase of $4,200.
To get the maximum benefit, seniors must have been on a high income throughout their period of employment.
And, Americans must wait until they are 70 before they start collecting benefits.
The Social Security Administration has warned applicants to beware of potential scams.
There were more than 568,000 reports of attempted Social Security scams last year, representing more than $63.6 million in losses for victims.
The agency has already received more than 31,000 Social Security scam complaints this year.
Many other incidents may go unreported due to shame or embarrassment, government officials say.
Fraudsters use a number of tricks to try to obtain important personal information such as your social security number or bank details.
They may try to threaten you with arrest if you don’t pay the supposed fee or fine.
The scammers also sent photos of fabricated government badges, used fake ID numbers, and sent mail with fake SSA letterhead.
Gail Ennis, an SSA Inspector General, said: “The Social Security Administration will never tell someone to wire money, buy gift cards or pay with cryptocurrency. .”
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