People who retired between the 21st and 31st of the month will get a new Social Security payment. According to the timeline for Social Security payments, retirees will get their next payment on October 3rd, but only if they started getting benefits before May 1997.
Beneficiaries who meet the requirements will get an average of $1,900 every month.
However, this amount could be different for them based on a number of factors, such as their job history, the age at which they chose to claim benefits, and the amount of Social Security taxes they paid while they were working.
Most seniors will be able to get monthly benefits if they have paid into the system for at least ten years, which is the minimum number of years needed to earn forty points. Workers get these credits by having Social Security taxes taken out of their paychecks.
Also, Social Security does more for older people than just keep them financially stable. Some partners, children, and, in rare cases, parents of workers who have died may also be able to get these monthly payments.
Social Security benefits for retirees range between $1,900 and $4,873 per month
In addition to the average payment of $1,914, pensioners will get different amounts depending on when they reached full retirement age (FRA), how much Social Security they have saved, and how much they paid in payroll taxes during their working years.
For example, people who retired before the full retirement age, or at age 62, will get $2,710 from Social Security. People who waited until age 67, on the other hand, can get up to $3,822.
Besides these two payments, the biggest benefit that recipients can get is $4,873 if they choose to wait to get their benefits until they turn 70.
It is important to remember that the cost of living adjustment (COLA) rise is already built into these payments. It is currently set at 3.2% but will soon be changed for the next year.
The latest predictions from the Senior Citizens League (TSCL) say that the new COLA for 2025 could be around 2.5%. This is 0.7% less than the present COLA. When this 2.5% increase goes into action, retirees will get the following amounts in payments:
Retirement benefits | Monthly payment amounts | 2.5% COLA increase | Extra income |
On average | $1,900 | $1,948 | $48 |
Age 62 | $2,710 | $2,778 | $68 |
Age 67 | $3,822 | $3,918 | $96 |
Age 70 | $4,873 | $4,995 | $122 |
To get the highest Social Security benefit, retirees must first complete all eligibility conditions. To increase your chances of receiving this Social Security payment, talk with a financial planner or an SSA professional.
For more information, visit the SSA’s official retirement website or access your My Social Security account to view monthly statements and request extra information.
Can children receive retirement benefits from Social Security?
About 2.7 million children get Social Security payments. More than half of them get these benefits after the death of a working, tax-paying parent.
SSA data shows that 98 out of every 100 children in the US may be able to get retirement payments after the death of a parent who worked. In some cases, the child’s living parent may also be able to get benefits.
David Weaver of the University of South Carolina says that when a parent dies, it can have big effects on the child’s finances, health, and schooling.
People of all races, ethnicities, income levels, and places in the world depend on Social Security payments to support their children and families.
Children who are still alive get a benefit of more than $1,000 a month, and it keeps coming until the child turns 18 or 19, if they are still in high school and not married.
In some cases, stepchildren, grandparents, step-grandparents, and adopted children may be able to get regular benefits.
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