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Social Security: beneficiaries and payment amounts for Wednesday, April 17 | | MIX

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Social Security: beneficiaries and payment amounts for Wednesday, April 17 |  |  MIX

Pensioners in the United States eagerly await their Social Security payments, with the next round of deposits scheduled for Wednesday, March 17, 2024. According to the Social Security Administration (SSA), over 66 million pensioners in the country rely on these payments, which can reach up to $4,873.

This year, pensioners will see a 3.2% increase in their payments, thanks to the Cost of Living Adjustment (COLA) designed to combat inflation and maintain the purchasing power of benefits. While Social Security provides peace of mind for retirees, it may not fully replace income for those who have reduced their working hours or stopped working altogether. As a result, financial experts recommend having additional sources of income.

On Wednesday, April 17, payments will be made to those who retired after May 1997 and were born between April 11 and 20, according to the SSA schedule. This payment date also applies to survivors and beneficiaries of Disability Insurance (SSDI). The payment amounts vary depending on the retiree’s age and contributions throughout their career, ranging from an average of $1,907 to a maximum of $4,873 for those who delayed retirement until age 70.

Individuals can check if they are eligible for Social Security payments and find more information on the SSA website. Social Security is a federal program that provides income for retirees, individuals unable to work, or those with disabilities, offering financial assistance to dependents in the event of the recipient’s death.

As pensioners eagerly await their upcoming payments, the SSA continues to support millions of Americans in securing their financial future through Social Security benefits.

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