Summary
Social Security payments for December are being distributed this week to about 70 million Americans. The Social Security Administration distributes payments based on a person's birth date, with some exceptions. Payments will increase starting in January due to a cost-of-living adjustment.
Key Facts
- About 70 million Americans depend on monthly Social Security payments.
- Payments are distributed in staggered waves based on birth dates.
- Recipients with birthdays between the 11th and 20th of any month will receive their payment on Wednesday, December 17.
- Workers retiring at age 62 can receive up to $2,831 per month, while delaying retirement to age 70 can result in a maximum of $5,108.
- A Cost-of-Living Adjustment of 2.8% will be applied in January to offset rising living costs.
- The average monthly retirement benefit will increase from about $2,015 to $2,071.
- The adjustment is based on inflation data from the Consumer Price Index.
