By September 25th, 2024, the last Social Security check will be sent. When the dreaded month end arrives, anyone whose birthdays fall between the 21st and the 31st of any given month will be surprised with a pleasant package in the mail as the next week comes to an end.
The last round of cheques will be distributed to survivors, disabled people, and retirees; some will receive much more than $4,000. Each month, Social Security benefits are received by almost 70 million Americans.
In the United States, the Old-Age, Survivors, and Disability Insurance (OASDI) program is referred to as Social Security. 64 million Americans are pensioners out of the 70 million people who get Social Security benefits.
The Social Security Administration (SSA), a federal institution, is in responsibility of giving these people their millions of payments every month.
The date you claimed your checks will determine when you get your benefits
The SSA distributes checks in varying amounts each month, according on when you initially made a claim for them. Checks for those who filed claims before to May 1997 will always be sent out on the third of each month.
For people who picked up their checks after May 1997, though, the procedure appears differently. The following schedule governs the batch release of these benefits:
- Benefits are paid to recipients who were born between the first and the tenth of the month on the second Wednesday.
- Benefits are paid to recipients who were born between the 11th and the 20th of the month on the third Wednesday.
- Benefits are paid to recipients who were born between the 21st and the 31st of the month on the fourth Wednesday.
Benefit amounts for retirees are determined by your lifetime income
Benefits from the Social Security Old-Age program vary depending on the retiree. You must be 62 years of age or older and have contributed to the Social Security program for a minimum of ten years in order to be eligible for payments.
Based on your indexed monthly earnings from your 35 highest-earning years, your benefits are computed. Benefits will be maximized if you apply for them no later than age 70.
As of June 2024, the average retiree got slightly less than $2,000 from Social Security each month. Many elderly people only receive these benefits; they don’t make any other money except from these monthly payments.
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To keep up with inflation, retirees’ monthly benefits are further modified based on the cost of living index
The maximum monthly benefit you can earn in 2024 if you file for Social Security at age 62 is $2,710. Should you delay until you reach 70 years of age, the monthly maximum threshold rises to $4,873.
As of June 2024, the average monthly benefit amount for recipients of Social Security Disability Benefits (SSDB) was slightly less than $1,400. Benefits may also be available to surviving spouses and children of deceased employees; as of June 2024, the average monthly amount was little over $1,500.
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How Does Supplemental Security Income Affect Us?
Although some retirees get Supplemental Security Income (SSI) in addition to Social Security, the two are not the same. The needs-based SSI program is designed for people with very limited resources or income.
If your living situation or income changes, you might not be able to continue receiving SSI. However, if you are eligible for Social Security, you will always get this income.
