Since the Social Security Administration began sending checks to homes in the United States, it has paid millions of dollars to seniors. In addition to this, users with a disability have also received corresponding benefits. Thanks to this federal organization, American families can have a better standard of living.
The conditions for getting a Social Security check are several and we must meet all of them. It is not possible to start collecting the retirement benefit if we do not meet the minimum requirements. The final amount is a calculation of the sum of those requirements fulfilled. For that reason, each citizen has a totally different check.
Also keep in mind that there are several types of Social Security benefits. In addition to the age retirement benefit, there is also the disability benefit. And to that we must add other different categories. Each of these categories has a maximum amount, with $4,555 being the largest check in 2023.
Which group will receive the new Social Security benefit?
To determine which group will be the one to receive the new Social Security check we just need to check the calendar. The Social Security Administration’s schedule of payments is public and can be viewed by any citizen. This calendar is a tremendous help, as it allows us to organize our household finances.
The next of the payments for 62-year-old retirees will arrive on May 3. But not all beneficiaries can receive this new check. Only pensioners who applied for their pension before 1997 are entitled to receive the check on this day.
How can I receive the check immediately?
The check mailing day for this group of retirees is May 3. However, that does not mean that a pre-1997 retiree will receive the payment on that same day. In order to collect the benefit on the day immediately, we need to activate a specific collection method.
This particular collection method is none other than Direct Deposit. With this option activated we will not have to wait even one day to be able to use our pension money. Likewise, any other government related payments can arrive immediately with this collection system. IRS payments, other Social Security benefits… any such payment will arrive immediately.
Increasing Social Security in 2023
As we’ve discussed before, each of the Social Security checks is completely individual. Each of the payments is different because it is very difficult for two citizens to have the same merits in terms of salary, years worked and all other conditions.
And that is why we must know how to increase our monthly check. Taking these three elements into account, the check could reach $4,555 in 2023:
- Delay retirement age. If we don’t wait until age 70 before we can apply for retirement, we won’t be able to get the maximum check. The longer we wait to retire, the better monthly payment we get. If we retire at age 62, which is the minimum, we will lose 30% of the money contributed.
- Get a higher salary. The more salary as a worker, the better Social Security check in the future. This is because the calculation of our benefit is made through the taxes we pay as workers.
- Work for at least 35 years. Working less than 35 years is not recommended. Our benefit is calculated through the 35 years worked with the highest salary. Each year not worked below that number causes the Administration to add $0 to the average.
By increasing these three parameters we will have a big Social Security check to spend every month on whatever we need.