Here is the good news regarding the US senior citizens benefits.
What Are The US Senior Citizens Benefits This Month?
Many are eager to know what the US senior citizens benefits are. The dates of the US senior citizens benefits payments are also a hot topic as we enter the second month of the year.
Starting January 1, 2024, Social Security checks, one of the US senior citizens benefits have seen an increase of 3.2% due to the cost-of-living adjustment (COLA). This adjustment regarding the US senior citizens benefits ensures that Social Security benefits keep up with inflation.
The rise in the Consumer Price Index for Wage Earners and Urban Employees (CPI-A) from the third quarter of the previous year to the third quarter of the current year is also being considered regarding the adjustment of the US senior citizens benefits. On average, the US senior citizens benefits can be expected to have their payments increase from $1,848 to around $1,907.
According to a published article by VIBES Noticias, it is encouraged to delay retirement to receive a higher benefit amount in your US senior citizens benefits.
Retirees can apply for Social Security benefits and other US senior citizens benefits at age 62, but waiting until the full retirement age of 67 or even age 70 can significantly increase the monthly benefit.
For each year of delay beyond the full retirement age, an additional 8% in benefits is added.
A 3.2% Increase
In a published article by USA Today, over 71 million Social Security recipients will see a 3.2% increase in their checks, aimed at helping them keep up with inflation.
Both Social Security and Supplemental Security Income recipients will receive the increase. Eligibility for retirement benefits includes being 62 or older and having worked and paid Social Security taxes for 10 years or more.