In the next two weeks, some of the Social Security beneficiaries will receive their payments, up to $4,873, It is expected that on the next April 24, the beneficiaries will start receiving their monthly payments from the social Security benefit. These payments are generated for people already retired, people with disabilities who apply, as well as people claiming the benefit of a deceased relative.
However, there are several categories that divide the application of payments, since there are many beneficiaries, not all applicants have the income of their Social Security payment on the same day of each month. The Social Security administration has a schedule where it divides the payment dates of retirement funds, into 4 different days of the month.
Which Day Is My Social Security Payment Due This Month?
We help you to know if you should receive a check this week, and how its payment date is stipulated.
- April 17: Social Security payments for people whose birthdays fall between the 11th and 20th of a given month.
- April 24: Social Security payments for people whose birthdays fall between the 21st and the 31st of a given month.
- For those who are SSI beneficiaries, payments usually arrive on the first of each month, with some exceptions.
If you have been a Social Security beneficiary since before May 1997, or you receive both SSI and Social Security, your payment schedule is different. You don’t get your payments on a Wednesday. Instead, you’ll get your Social Security payment on the third day of every month and your SSI payment on the first day of every month.
These mentioned dates may vary, if the first or third day of the month falls on a weekend or holiday. For example, the third day of March fell on a Sunday, therefore, social security beneficiaries received their payment for the month of March two days in advance, on the first day of March.
What Factors Influence How Much I Will Receive From My Social Security?
The amount you receive in retirement benefits will always have determining factors, such as the income you received while working and the age at which you decided to retire.
According to its website, the SSA says: “The maximum benefit depends on the age at which you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.”
The calculation of the social security payment is made with the 35 years of highest income in their working life, then an adjustment is made to inflation. On average, a retiree receives $1,907 a month, according to SSA data in January.
These benefits may vary annually due to cost of living adjustment. This adjustment is linked to the price index given to the consumer, salaried and urban administrative workers, thus ensuring that when making the adjustments, they reflect changes due to inflation.