Social Security payments set to reach beneficiaries in the US
This week, beneficiaries of the Social Security program in the USA are set to receive payments that could reach up to $4,873. Starting from April 17th, these monthly disbursements will begin to reach program recipients, including retirees, disabled individuals, and survivors of deceased claimants.
With various categories of payments and a significant number of beneficiaries, the funds are not all delivered on the same date each month. The Social Security Administration (SSA) has divided the payments for retirement into four payment dates monthly. The payment date for retirees depends on their birthdate, with the next payment, due on April 17, expected to be given to all retired individuals born between the 11th and 20th of any month.
For the month of April, the complete calendar of benefits from Social Security is as follows:
– April 1st: Supplemental Security Income payments and Social Security for those who have been claiming since before May 1997, as well as for beneficiaries residing outside the US.
– April 10th: Beneficiaries born between the 1st and 10th of any month.
– April 17th: Beneficiaries born between the 11th and 20th of any month.
– April 24th: Beneficiaries born between the 21st and 31st of any month.
The amount an individual receives in retirement benefits depends on various factors, such as their income during their working life and the age at which they choose to retire. For example, someone who retires at full age in 2024 could receive a maximum benefit of $3,822, while those who choose to retire at age 70 could receive up to $4,873.
These payments are calculated using the 35 highest-earning years of the beneficiary’s career and adjusted for inflation. The average monthly payment for a retired individual is $1,907, according to data from the SSA. These benefits are subject to change annually due to cost-of-living adjustments, ensuring that the amount received each year reflects changes in inflation.
Overall, Social Security payments continue to provide crucial financial support to retirees, disabled individuals, and survivors in the US, helping them meet their needs and maintain a decent standard of living.