A lot of retired people will get checks today from the US Social Security Administration (SSA) for more than $1,900. The group of retirees who can get this payment is those who claimed benefits before May 1997.
People who are retired can call the SSA or check their payment plan online, so keep that in mind. Even though these checks include a 3.2% COLA increase, the exact amount paid to each retiree will depend on their own position.
Most of the time, retirees who got their benefits early got less than those who waited until they reached their full retirement age (FRA). Residents should also know that higher monthly payments will come with higher job earnings.
In addition to retirement benefits, the government agency is in charge of a number of other programs that help and support American citizens financially. These include Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).
Confirmed $1,900 Social Security payment to retirees
For retirees who apply for the retirement benefits program, there are different payment amounts. The average payment ranges from $1,900 to $4,873.
When figuring out the highest benefit for all Americans, the Social Security Administration (SSA) looks at the full retirement age (FRA) of each retiree. As an example, a person who turns 66 years old in 2024 will get $3,822 a month.
They will get $2,710 a month less if they retire at age 62, which is about four years before they reach the FRA.
Finally, people could get the biggest payment, which in 2024 was set at $4,873, if they waited until they were 70 years old to retire.
It is important to note that citizens who applied through a spouse’s job will also be able to get the maximum benefit payment when they hit full retirement age (FRA). However, if they apply after FRA, their benefit payment does not go up.
Also, remember that citizens may be able to get survivor payments starting at age 60 or 50 if they are disabled, if their partner has died.
When will beneficiaries receive their $1,900 payment?
The Social Security payment plan says that people who are eligible will get the new $1,900 payment today if they meet certain conditions.
The first requirement is that you must have started getting Social Security payments after May 1997 and your birthday must be between May 21 and May 31.
After this payment is made, the government agency will start making payments again on November 1. To find out more about the November payment dates, please read that which follows:
November 1st: On this day beneficiaries from the SSI program, retirees, survivors, and disabled people will get their monthly payment amounts. RSDI beneficiaries receive their payment in advance as the third of November falls on a weekend.
November 13th: On this day, beneficiaries from the retirement, survivor, and disability insurance (RSDI) program will get their regular benefits if they were born between the 1st and the 10th
November 20th: On this day, beneficiaries from the retirement, survivor, and disability insurance (RSDI) program will get their regular benefits if they were born between the 11th and the 20th
November 27th: On this day, beneficiaries from the retirement, survivor, and disability insurance (RSDI) program will get their regular benefits if they were born between the 21st and the 31st
How does the SSA calculate your Social Security payment?
You must first start a Social Security account in order to figure out your retirement benefits and get estimates for extra benefits based on how much you earned.
You can use your Social Security account to figure out how much money you expect to make in the future and how that will change your planned retiring age.
By going into your Social Security account, you can also get the Social Security Statement, which shows how much money you can expect to get in retirement and up to nine ages when you might want to start getting benefits.
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