Who will receive $1,800 from Social Security on 15/11/2023?

Who Will Receive $1,800 from Social Security on November 15, 2023?

Social Security benefits provide monthly income for tens of millions of Americans when they retire, develop disabilities, or lose family members. The amount each eligible recipient receives depends on several factors like age, work history, and the type of benefits qualified for.

On November 15, 2023, some Social Security beneficiaries could conceivably see their regular monthly payments increased to $1,800 or more. Below we explore some of the possibilities:

Social Security

Retirees Getting Cost-of-Living Adjustments

One of the most likely groups to receive $1,800 monthly are retirees already receiving close to the current average benefit amount who see it boosted higher through 2023’s cost-of-living adjustment (COLA).

Social Security COLAs help benefits keep pace with inflation annually by increasing payments slightly year-over-year. Early projections estimate the 2023 COLA could be around 5-6% based on inflation trends.

For retirees now getting the current average monthly benefit of $1,656, a 6% COLA would increase their payments to around $1,756 per month. While not quite reaching $1,800, these seniors would only need a slightly higher COLA to cross that threshold.

Higher Earners Who Delayed Benefits

Another possibility is retirees who earned higher incomes over their careers and chose to delay starting Social Security past their full retirement age. Delaying benefits enables them to grow by about 8% per year up until age 70.

For example, consider someone with a full monthly retirement benefit of $2,000 at age 67. If they delay until age 70, that benefit could compound to about $2,640 per month. With a 6% COLA, it would exceed $1,800 by 2023. Delayed retirement credits reward patience.

Surviving Spouses Taking Deceased Spouse's Benefit

Surviving spouses who are entitled to the deceased worker's benefit instead of their own lower benefit could also conceivably reach $1,800 monthly by 2023.

Right now, the average monthly benefit for a surviving spouse is $1,553. But for spouses who qualified for higher earnings-based benefits from their deceased partner, a 6% COLA could push their payments over the $1,800 mark.

Disabled Workers Getting Back Payments

If the Social Security Administration declares disabled applicants eligible for SSDI benefits after a lengthy appeals process, those individuals receive disability payments retroactively in a sizable lump sum back payment.

For higher earning disabled workers owed many months of benefits, these back payments could total well over $1,800 by the time they are issued by November 2023.

Retirees With Maximum Taxable Earnings

Workers who earned the maximum taxable income subject to Social Security taxes for most of their careers qualify for the highest possible monthly benefits.

In 2022, this maximum benefit was $3,345 monthly at full retirement age. For those taking reduced benefits early at age 62, the monthly maximum benefit is still $2,364. After a few years of COLAs, even these reduced maximum earners may eclipse $1,800.

Conclusion

Predicting exactly who will receive $1,800 or more from Social Security in the future requires knowing what COLA adjustments will be between now and November 2023. But based on current data, retirees getting average benefits, higher income seniors who delayed filing, maximum earners, and disabled applicants owed large back payments appear most likely to reach that monthly payment level at that time.

Of course, Social Security policy changes between now and then could also impact eligibility and payment amounts. While not exhaustive, this overview covers some of the reasonable scenarios in which beneficiaries could see their regular monthly payments increased to $1,800 come November 15, 2023.

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