More payments on the way thanks to new Social Security schedule
The Cost of Living Adjustment is one of the most useful mechanisms of the United States Government because it helps United States citizens to keep the same standard of living in the face of inflation. It is true that the Cost of Living does not greatly increase the payments of Americans who get this type of check, but it is also true that any help is welcome in these cases.
Thus, if a citizen is getting one of these payments it is possible that on the 12th day of February he/she will also receive one, so we should take this into account to check what the new Official Paychart is and thus be able to plan effectively. If we know how much money we will get in the Febriary 12th paycheck we will be able to know what our budget will be for the rest of the year.
Be that as it may, getting one of these payments on a monthly basis is certainly an advantage over not getting one. It is true that not all Americans have access to these checks, but it is also true that the United States Government offers the necessary tools so that all Americans can apply for it just by fulfilling the established requirements.
Cost of Living Incrase for Febriary 12th paychecks
The payments to be sent by the Social Security Administration to Group 2 citizens will arrive on Febriary 12th for thousands of them. This check will be larger than the February check in previous years, so we need to be on the lookout for exactly what the payment will be.
We are talking about a 2.5% increase thanks to the Cost of Living Adjustment. This increase will grant a higher check than in previous years in order to fight inflation directly. And best of all, we don’t have to claim the payment, since just having an accepted retirement benefit is enough.
Thus, depending on the type of retirement we can have a different maximum check:
- Retirement at age 70: check of up to $5,180 per month.
- Retirement at age 67: check of up to $4,018.
- Disability Retirement: check of up to $4,018.
However, the average payment for this benefit is around $1,800. Each payment is totally unique and depends on factors such as work history, years worked and age at which we have applied for retirement. Be that as it may, this February 12th payment will be higher than in the previous year, even if we do not have the maximum retirement check.