Retired Americans are paid monthly by the Social Security Administration.
Millions of American retirees will be getting Social Security payments this week that could be worth up to $4,873.The Social Security Administration pays out benefits to retired Americans, individuals with disabilities and surviving family members of deceased claimants every month. Checks are paid out several times a month, with around 72 million people being paid by the government agency in April 2024.
Read more: 5% Interest Savings Account RatesThis is because benefits increase every year in line with the Consumer Price Index for Urban Wage Earners and Clerical Workers . In 2023, benefits rose by 8.7 percent - the largest single jump in the SSA's history - due to high inflation at the tail end of the coronavirus pandemic.Exactly how much COLA will increase benefits next year will be announced in October, with the Congressional Budget Office currently predicting the rate will rise by 2.
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