The Social Security Administration (SSA) of the United States has already begun making payments for the month of February. The agency has set out the schedule of pending payments and which recipients will be receiving them.
The first payment was issued on February 1 to the 7.5 million beneficiaries of Supplemental Security Income (SSI). The second payment was made on February 2 for those who submitted their retirement application before May 1997.
According to the schedule provided by the Social Security Administration, there are more than 66 million retirees and survivors who are yet to receive their payment, most of whom retired as of May 1997. This benefit aims to replace part of the income when a person reduces their hours or stops working completely.
The schedule for pending payments in February 2024 is as follows:
– February 14: Payment to retirees after May 1997 and born between the 1st and 10th of any month.
– February 21: Payment to retirees after May 1997 and born between the 11th and 20th of any month.
– February 28: Payment to retirees after May 1997 and born between the 21st and 31st of any month.
The value of the payments varies significantly depending on the retirement age and contributions throughout one’s working career. The average payment for a retiree is $1,907 per month. Those who retired early at the age of 62 receive a maximum of $2,654 per month, while those who retired at age 67 can receive a maximum payment of up to $3,743. Those who delayed their retirement until age 70 can obtain a maximum payment of up to $4,822.
The SSA also provides additional context for understanding the Social Security program in the United States. They explain the cost of living adjustment (COLA) and how it is calculated, as well as the purpose and role of the SSA in administering social security programs.
It is important for beneficiaries to stay informed about the payment schedule and the factors that determine the value of their payments. The SSA plays a crucial role in ensuring that retirees, disabled individuals, and family members of deceased workers receive the support they are entitled to.