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According to NewsMax Finance (August 17, 2023), “The Social Security Administration Wednesday began sending monthly benefits up to $4,555 to millions of seniors who delayed their retirement until age 70, MSN reports.
SSA’s initial round of the highest possible benefits for eligible seniors went out on Aug. 9 for those born before the 10th of the month. The current round went to those born between the 11th and the 20th, and the final round, for those born on or after the 21st, will be released next week, on Aug. 23.
Factors that determine high much a Social Security recipient will receive include their age at retirement and how long and how much they have paid into the program during the years they worked.
The earliest age people can qualify for Social Security retirement benefits is 62, with those payments worth up to $2,572 a month. People who retire at age 67, which is what the U.S. government currently considers full retirement age, can get a maximum benefit of $3,627. Payments up to $4,555 are earmarked for those who delay retirement until 70 or older.
The Social Security Administration sent out a separate batch of benefits to retirees who receive both Supplemental Security Income and Social Security, who live outside of the country, or who retired before 1997. Those payments went out on Aug. 3, regardless of the recipient’s birthday.
With the solvency of the Social Security trust fund and the program uncertain, experts have warned that future retirees might see their payments decreased starting in 2034. People already receiving Social Security benefits would not be affected.”
Please contact your local Social Security Administration for more details.
Christine Roebuck, CEO