Social Security benefits are increasing next year - here's what you need to know

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By , WWJ Newsradio 950

Approximately 70 million Americans will see their Social Security and Supplemental Security benefits increase by nearly 6 percent next year, the Social Security Administration announced this week.

Americans aged 62 or older who have 40 credits (around 10 years of work) can start applying for Social Security retirement benefits. Supplemental benefits also provide aide to individuals who have conditions that may make it difficult to find employment, the announcement stated.

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On average, those who receive benefits will get an annual Social Security payment of $1,657 with the increase, up around $92 compared to last year.

Supplemental Security recipients will see the first increase on December 30 and Social Security recipients will receive their first increased check Jan. 22 of next year.