Posted on 08/17/2022 6:24:36 AM PDT by Red Badger
The first half of a massive double Social Security payment for September is set to go out in just 16 days.
The first payment for eligible individuals, worth $841, will arrive on Sept. 1, while the second one, worth the same amount, will be given at the end of the month. Because some months start on a Sunday, there are three months in 2022 that gave or will give recipients a paycheck twice in one month. The three months are April, September, and December.
However, the funds do not change the total amount a person gets. The Social Security benefit on Sept. 30 will replace the disbursement on Oct. 1. Likewise, the one on April 30 replaced the May 1 payment.
Social Security will be unable to pay out full benefits by 2035 without action from Congress, according to Social Security trustees. However, Reps. John Larson (D-CT) and Pramila Jayapal (D-WA) have called for a vote in Congress to extend Social Security benefits this fall by agreeing to the Social Security 2100 bill, which would increase all checks by 2% of the average benefit, according to CNBC.
“It’s long overdue that we make sure that we’re enhancing a program that they need, especially during this pandemic,” Larson told the outlet of the program’s beneficiaries.
Other changes proposed in Larson's bill would include increasing benefits for widows and widowers, applying caregiver credit to people who do not work in order to care for children and other family members, and extend benefits for students up until the age of 26. The funds for the bill would come from taxes on those who make more than $400,000 a year, the bill proposes, according to CNBC.
Not sure what this is about. My Social Security is scheduled to arrive in the bank on the second Wednesday of the month. It has done so since I started on Social Security. My grandchildren’s is scheduled for the third Wednesday of the month. Nothing about the first or last days of the month.
Millions of Supplementary Security Income recipients will be receiving two payments in September. But the double payments have to do with timing and not extra money.
Very good post and I agree. Thanks.
Good point. Being that the Baby Boomer generation was born from 1946-1965, in 2035, the oldest of them will be approaching 90 (and mostly dead) and the youngest of them (including myself) will be 70.
I do not think so.
However-—many Soc Sec payments are now paid on Wednesday-—1st Wed
2nd Wed
3rd Wed &
4th Wed of every month....when I get mine.
Some people still get 1st of the month payments.
This could get very confusing if your normal whole payment is paid in 2 parts.
MANY people have electronic bill paying & the computer doesn’t know what is happening...
This could be a financial tsunami for some people.
Same people must be doing tax returns for the entire Biden clan.
https://www.washingtonexaminer.com/policy/economy/social-security-2022-get-maximum-check
Social Security 2022: How to get maximum check worth an extra $1,830 monthly
by Ryan King, Breaking News Reporter
| August 10, 2022 02:16 PM
For many seniors, Social Security checks often cash out around $2,364 each month, but some U.S. citizens are eligible to receive the maximum $4,194 monthly check if they take the proper steps.
In order to get the additional $1,830 per month, one must work 35 years while earning an inflation-adjusted $147,000 annually and hold off until the age of 70 to retire, according to the Social Security Administration.
SOCIAL SECURITY PAYMENTS 2022: MASSIVE $2,400 INCREASE COULD BE ON THE WAY FOR RECIPIENTS
If one complies with those requirements, they could net more than $20,000 a year on top of the typical Social Security payment. However, the vast majority of seniors will not hit all those requirements.
Even if one cannot reach all three requirements, hitting just one of the requirements can boost their Social Security income when they retire. For example, waiting to retire until age 65 instead of at age 62 will put an extra $629 in one’s pocket.
The Social Security Administration provides a table of maximum benefits in various scenarios.
The Social Security Administration determines benefits based on the amount one contributes to the program over the 35 highest-earning years of one’s career and is adjusted for inflation. The higher one earns during that time, the larger the checks received during retirement.
The Social Security COLA for 2022, as of Jan was 5.8% while Medicare will go up 14.5% - where this nonsense falls I have no clue.
This leave me with $4 less a month than in 2020.
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The 5.8% raise was based on your total ss check, the 14.5% raise in premium was not, it was based on the premium, a much smaller dollar amount.
The government took the money years ago....
“hold off until the age of 70 to retire”
That right there is nuts IMO.
Paper for us since we don’t trust any private info on the web.
For years we don’t owe anything. They don’t owe us.
So never had had a problem even when filing two or 3 years late.
It’s since covid, we get nothing processed, and continue to miss the stimuli dollars.
Since no $$$ involved we don’t need a signed receipt from the other end. So at USPS we use a meter-strip mailing where the receipt shows the zipcode the large envelope is going to. I’ve read somewhere that at some point in time, maybe continues, IRS throws out anything coming in that is not registered mail.
It’s like one govt agency forcing you to pay the other govt agency, the registered fees or ‘you citizen lose’
Wow, thanks for the information. $4,194 sounds great, but I wouldn’t trade being retired - especially these last few years. I know a few women who are planing to work until 70, but it’s more because their lives are wrapped around their work, rather than the increased benefit.
While you may live to get more money, you may not feel up to spending it for fun.
Excellent points.
We figured 12 years to balance out. Take it as soon as you can. Tomorrow ain’t guaranteed.
https://www.washingtonexaminer.com/policy/economy/social-security-2022-get-maximum-check
Social Security 2022: How to get maximum check worth an extra $1,830 monthly
by Ryan King, Breaking News Reporter
| August 10, 2022 02:16 PM
For many seniors, Social Security checks often cash out around $2,364 each month, but some U.S. citizens are eligible to receive the maximum $4,194 monthly check if they take the proper steps.
In order to get the additional $1,830 per month, one must work 35 years while earning an inflation-adjusted $147,000 annually and hold off until the age of 70 to retire, according to the Social Security Administration.
SOCIAL SECURITY PAYMENTS 2022: MASSIVE $2,400 INCREASE COULD BE ON THE WAY FOR RECIPIENTS
If one complies with those requirements, they could net more than $20,000 a year on top of the typical Social Security payment. However, the vast majority of seniors will not hit all those requirements.
Even if one cannot reach all three requirements, hitting just one of the requirements can boost their Social Security income when they retire. For example, waiting to retire until age 65 instead of at age 62 will put an extra $629 in one’s pocket.
The Social Security Administration provides a table of maximum benefits in various scenarios.
The Social Security Administration determines benefits based on the amount one contributes to the program over the 35 highest-earning years of one’s career and is adjusted for inflation. The higher one earns during that time, the larger the checks received during retirement.
Thank you.
Thank you. And based upon what you already knew, it was definitely a poorly written article. Cheers.
“That is one of the hardest article to try and read and understand.”
+++++
Agreed. I’ve read the article twice and still do not understand what this is about.
I think this might only apply to SSI payments, but I’m not sure.
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