Prepare Now: Social Security Check Changes Coming – Find Out When and How Much

Social Security checks are an important source of financial security for many American retirees. However, changes are coming that may affect how much money you receive from the Social Security Administration. Here’s what you need to know about the upcoming changes to Social Security checks. Starting in January 2023, the Social Security Administration will be making changes to Social Security checks to increase payments for some people and reduce them for others. This new system will be based on recipients’ income brackets and how long they have been receiving Social Security checks. Under the new system, those in the lowest income bracket (which is currently set at $10,600) will be receiving the largest benefits in real dollar amount. The amount that you will receive depends on how long you have been receiving Social Security checks, with individuals receiving benefits for 29 or more years receiving the highest increase. Those who have been receiving benefits for fewer than 10 years will not see any change in their monthly payments. In addition to adjusting payments according to income, the Social Security Administration is also introducing a “means-testing” system. This means-testing system will calculate your benefits based on your “countable resources.” Countable resources are things like cash, stocks, bonds, and other financial resources that are available to you. If your countable resources exceed the thresholds set by the Social Security Administration, then your benefits may be reduced. For those who are looking for more information about the upcoming changes to Social Security checks, the Social Security Administration has a website that details the changes. On the website, you can find answers to frequently asked questions, a calculator to help you estimate your benefits under the new system, and a list of resources to help you understand the changes. It’s important for those who receive Social Security benefits to keep up with the changes that are coming. If you do not understand the new system or how it will affect you, it is important to contact the Social Security Administration to get the answers you need. Knowing when and how much you will be receiving from the Social Security Administration can help you plan for your retirement.