Millions of Americans could get checks for up to $4,567 in just months

Millions of Americans could get checks of up to $4,567 in just months. In just 7 months, millions of eligible Americans will be able to s...

Compartir
Suscríbete
Suscribe our Newsletter
Recibe por email las noticias más destacadas
  • Millions of Americans could get checks of up to $4,567 in just months.
  • In just 7 months, millions of eligible Americans will be able to see more money in their bank accounts.
  • Who qualifies for the increased check?

Millions of Americans could receive huge checks of up to $4,567 in just a few months, thanks to another potential increase in the cost of living adjustment (COLA).

In 2022, the COLA, which measures consumer price index data, was boosted by 5.9 percent by the Social Security Administration (SSA). However, the League of Senior Citizens (SCL) is now revising the 2023 COLA estimate and says it could rise again to around 8.9 percent, according to various media reports.

How much would the check increase be?

queue check
Photo: Shutterstock

In March, the index of consumer prices rose by 8.5%, mainly because of the war between Russia and Ukraine but also because supply and demand did not align, The Sun said.

A large increase in this would result in an even larger COLA check translating to an average benefit of about $1,804 for Social Security claimants. The maximum would increase to approximately $373, reaching $4,567.

When would the check for $4,567 arrive?

CHECK
Photo: Getty Images

Currently, the average Social Security benefit is $1,657 with a maximum benefit of $4,194 per month. An increase of 8.9% would result in an average profit of about $1,804. The maximum would increase to approximately $373, reaching the amount of $4,567.

If the 2023 COLA increased as projected, the $4,567 check would reach the pockets of millions of eligible Americans in just 7 months beginning in 2023. It is important to note that to improve your Social Security benefits, ideally, you should postpone filing until you reach the full retirement age of 70, The Sun reported.

The post Millions of Americans could get checks for up to $4,567 in just months appeared first on Mundo Hispanico.