:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/ERWKSJFWINH4TKOI4DBJTNOZHU.jpg "Social Security: the two payments of the first week of February 2024 | | MIX")
The United States Social Security Administration (SSA) has continued with its payment schedule for the first week of February, making deposits to two groups of beneficiaries. The SSA is responsible for making 12 annual deposits to an average of 66 million retirees and survivors, as well as 8.7 Social Security Disability Insurance (SSDI) beneficiaries. Additionally, the SSA provides payments to 7.5 million individuals within the Supplemental Security Income (SSI) program, who are adults and children with disabilities or blindness and have income and resources below specific financial limits.
On Thursday, February 1, the SSA made payments to the 7.5 million beneficiaries of the Supplemental Security Income (SSI). On Friday, February 2, payments were issued to those who submitted their retirement application before May 1997. It is important to note that according to the calendar of the 12 annual payments, when the 1st falls on a weekend or holiday, the SSI payment is made before the month begins.
For the first week of February 2024, the average individual payments for SSI beneficiaries totaled US$943, while the average payments per couple amounted to US$1,415. Essential people received US$473 on average.
In terms of retirement payments, the amounts varied significantly based on the individual’s retirement age and contributions throughout their working career. The average payment for a retiree was US$1,907, and individuals who retired early at age 62 received a maximum of US$2,654 per month. For those who retired at age 67, their monthly payment could be up to US$3,743, while those who delayed their retirement until age 70 could obtain a maximum payment of up to US$4,822.
These payments are crucial for the millions of beneficiaries who rely on them for their financial well-being. The SSA will continue its payment schedule throughout the year, providing much-needed support to retirees, survivors, and individuals with disabilities.