- 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?
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?
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.
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