Over 3 Million People to Receive a Social Security Boost: Find Out Who Qualifies for Increased Payments

How Much Will You Receive and When Can You Expect It?

The Social Security Administration (SSA) has already begun distributing retroactive payments to those who are owed adjustments. As of March 4, over $7.5 billion has been paid out to nearly 1.3 million beneficiaries. On average, recipients have received about $6,710.

Adjustments to monthly benefit payments for those currently receiving Social Security will be reflected in their March payments (which are sent out in April). However, the SSA has cautioned that it may take up to one year to process and finalize updates and retroactive payments for individuals with more complicated cases.

What Is the Average Increase?

According to estimates from the Congressional Budget Office (CBO), public sector retirees can expect an average monthly benefit increase of $360. Some recipients could see their Social Security checks rise by $1,000 or more, depending on their individual income history and the amount that was previously withheld from their earnings.

For reference, here’s a breakdown of the average Social Security benefit to give you a clearer idea of what to expect.

Bottom Line: What You Need to Know About Your Social Security Benefit Increase

For most Social Security recipients who qualify for a boost, the adjustment will be applied automatically, as long as the Social Security Administration (SSA) has your current mailing address or direct deposit information on file.

To ensure your details are up to date, visit ssa.gov/myaccount/ or call 1-800-772-1213. Be sure to bookmark the Social Security Fairness Act page for the latest updates and any additional instructions.

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What About Future Claims?

If you haven’t started claiming Social Security yet, don’t worry—the adjustments from the Social Security Fairness Act will be applied to your future payments once you begin receiving benefits.In the meantime, it’s a good idea to explore other strategies to boost your monthly Social Security payments. Working with an experienced financial advisor can help you navigate the ever-changing rules and identify the best claiming strategies for your unique situation.