Monday, March 4, 2024

Social Security in the United States: who will be the first to pay US$4,822 in COLA 2024 | ANSWERS

The United States Social Security Administration (SSA) is preparing to deliver the first checks in 2024, which will come with the COLA for 2024, with an increase of 3.2%. There is a group that will see their monthly payments increase from US$4,555 to US$4,822 due to reaching the maximum retirement amount. Find out who gets paid first.

The SSA states that a retirement benefit is a monthly check that replaces part of your earnings if you reduce your hours or stop working altogether. However, it can’t replace all of your income, so it’s best to find other ways to cover your monthly expenses as you age.

Data from the SSA shows that, in June 2022, about 182 million people are working and paying Social Security taxes, while the number of beneficiaries reached 66 million, of which 51 million are retirees and members of their family.

WHO WILL BE THE FIRST TO RECEIVE US$4,822 TOGETHER FOR COLA 2024?

The Social Security Administration (SSA) must make a total of four payments to retirees in the month of January 2024. The first deposit to retirees will be made on January 3 for those who started receiving their payments before the May 1997 The maximum payment could reach $4,822 , which will be US$267 more in 2023 due to the increase in COLA.

Retirees who earn the highest amount contribute the most and stop working afterwards (Photo: Freepik)

HOW TO ARRIVE AT A PENSION OF US$4,822 PER MONTH?

The amount of Social Security payments depends on the contributions a person has made throughout their working life and the age at which they stop working. To receive a monthly payment of up to $4,822, you must have achieved enough credits required by the Social Security Administration (SSA) to retire, have worked for at least 35 years, and have paid Social Security taxes in all the time. Another important point is to obtain the maximum tax amount each year and choose the appropriate retirement age; in this case, 70 years.

WHAT IS A SOCIAL SECURITY NUMBER FOR?

The Social Security number is used to report an individual’s earnings to the US government and to determine eligibility for Social Security benefits. It’s important that everyone has their number to work, participate in government programs and collect their retirement checks.

World Nation News Desk
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