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Latest Social Security Update: Final $4,555 Payment of 2023 Released Today, Anticipate 2024 Increase Details

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The final round of 2023 Social Security payments will pay $4,555 to millions of eligible Americans.

Photo from Google

Increase in Social Security Benefits for 2023

On December 27, those born after the 21st will receive this sum—an 8.7% increase in the Cost of Living Adjustment (COLA) for 2023 benefits-eligible recipients.

For non-Social Security recipients, understanding the circumstances affecting their benefits is crucial. Social Security benefits depend on income, employment, and claim timing. In 2023, the maximum taxable wage will rise to $160,200 from $147,000.

Work for 35 years and delay the claim until 70 to maximize benefits, underlining the necessity of prudent retirement preparation.

READ ALSO: LOSER WINS I won $100K jackpot on my losing lottery ticket – I thought email I got was a scam, what officials told me was shocking

Tax Credits and Social Security Strategies

According to Amanda Castro, retirees should investigate tax credit options during the annual tax return process. Up to $2,000 per kid and $3,000 per child and dependent care tax credits can help save for retirement.

Individuals’ Social Security payout is based on their 35-year career earnings average. Some workers with less than 35 years of experience may have zeros in their average, lowering their basic benefits. Long-term employment boosts the chance of earning $4,555 a month or $54,660 annually.

READ ALSO: INCOMING CASH COLA Social Security 2023 updates — Final $4,555 payment of the year drops today – see 2024 increase amount

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