In just a few days, millions of adults in the US will get a new Social Security payment. Depending on their income, it could be anywhere from $1,900 to $4,873.
People who retired after May 1997 and were born between May 21st and May 31st will get this straight payment. It is important to keep in mind that different seniors will get different payout amounts.
This is because the amounts are based on a number of factors. Most people who retire get around $1,900 a month from Social Security. However, some people may get different amounts depending on their full retirement age, work experience, and contributions.
Depending on how long you worked and how much you put into Social Security, you could get up to $2,710 if you start getting benefits before you turn 67, which is the full retirement age.
Some retirees choose to wait until they hit full retirement age (FRA) and get checks of up to $3,822 a month. Others choose to wait until they turn 70 and get checks of up to $4,873 a month.
To get the most money from Social Security, seniors must also meet other SSA requirements and pay Social Security taxes at or below the maximum taxable wage.
The last Social Security payment date announced for retirees this month
In addition to making a retirement budget, beneficiaries should also keep track of their monthly funds to make sure they can cover all of their daily living costs.
Retirees need to know the Social Security payment plan and how their monthly payments are distributed so they know exactly when they will get their money.
The payment schedule for this year says that retirees will get four different payments spread out over the month. Here is a list of the next payments coming in May.
You can find out more about the payment schedule, though, so please visit it and mark the times on your calendar.
Social Security payment schedule for retirees in October
This is the official payment schedule for all eligible retirees. It is based on when they applied for Social Security benefits and when they were born:
Retirement benefit payment schedule for those who applied before May 1997
On October 3rd, this payment was delivered to beneficiaries who claimed benefits before the mentioned date.
Retirement benefit payment schedule for those who applied after May 1997
- On October 9th (Wednesday), this payment was sent for retirees born between the 1st and the 10th
- On October 16th (Wednesday), this payment was sent for retirees born between the 11th and 20th
- On October 23rd (Wednesday), this payment will be scheduled for retirees whose birth dates range between the 21st and the 31st
Retirees might have to deal with potential cuts in their future monthly benefits
The Employees Benefit Research Institute and Greenwald Research found that Americans have not changed how much they trust their retirement income since the global financial crisis.
However, the fact that wages are growing faster than inflation is a good sign.
The study found that this fear comes from the fact that both working people and retired people expect to have three sources of income in their golden years: Social Security, employer-sponsored retirement plans, and their own personal savings or investments for retirement.
88% of workers expect to get Social Security checks when they retire, but 91% of seniors say they are dependent on these checks.
The Social Security trust fund could run out in ten years if Congress does not do something to stop benefit cuts of at least twenty percent.
This means that the way the program pays out may be changing soon. It is also thought that Medicare’s trust fund, which pays for Part A hospital insurance, might run out of money faster than SSA funds.
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