Retirees Rejoice Boost Your Social Security by $700—Here’s How and Why

Everyone in the United States knows that millions of people depend on Social Security to pay for their retirement.

This might not seem like a big deal, but it will have a big effect on your benefits because if you start getting them before age 62, they will be less.

For every month you start working before your full retirement age (FRA), which is between 66 and 67 years old depending on your birth year, your income goes down for good.

Your payments will be much bigger if you wait until you are 70 years old to start collecting, though. This wait could lead to a 24% to 32% increase, which will have a big effect on your monthly income.

Around $1,298 a month could be given to someone who starts getting benefits at age 62 in 2023. They might have to pay $2,038 a month if they wait until they are 70.

There would be a $740 difference every month, which is a big amount. Delaying benefits may be a good way to save money for some people, but it is not always the best thing to do.

Of course, it depends on your specific case. If you are healthy and have enough saved, you might want to wait to make the most of your payments.

But if you need the money faster or would rather enjoy your retirement while you are still working, it might be smart to start making payments early.

A study from the National Bureau of Economic Research in 2022 found that 99.4% of seniors could raise their overall income by a large amount by delaying their benefits. Remember that this method does not take into account everyone’s goals, which are also very important.

When will retirees receive their Social Security checks in January?

The 2025 Social Security payment schedule says that retirees who started collecting benefits before May 1997 will start getting checks on January 3, 2025.

It is important to note that the new 2.5% increase from the cost of living adjustment (COLA) that was announced on October 10th will already be added to these monthly paychecks.

More than 64 million retired workers in the US will have extra money to keep up with inflation thanks to this yearly increase. Other than this first payment, retirees will also get money on the following dates:

• On January 8th, for retired Americans who were born between the first and the 10th
• On January 15th, for retired Americans who were born between the 11th and the 20th
• On January 22nd, for retired Americans who were born between the 21st and the 31st

How much money will retired Americans earn with the increased Social Security checks?

With the new 2.5% COLA increase, retirees will get the following new payment amounts:

Remember that if these payments do not arrive on time, you should wait at least three mailing days before calling SSA customer service or going to the office closest to you. Do not forget that you can check your “My Social Security Account” to find out more about your monthly benefits.