By September 25, 2024, the last Social Security check for the month will have been sent out. As the week comes to a close, people whose birthdays are between the 21st and 31st of any given month will get a nice treat in the mail after the month ends.
The last round of checks will be sent to seniors, disabled people, and survivors. Some will get checks for more than $4,000.
More than 70 million Americans receive Social Security benefits each month
In the United States, “Social Security” refers to the Old-Age, Survivors, and Disability Insurance (OASDI) scheme. There are 70 million Americans who get Social Security, and 64 million of them are retired.
Every month, millions of checks are sent to these people by the Social Security Administration (SSA), which is a federal body.
When you receive your benefits depends on when you claimed for your checks
The SSA sends out checks every month at different times, based on when you first asked for them. People who filed claims before May 1997 will always get their money on the third of each month.
For people who got their checks after May 1997, however, the process looks different. These perks are given out in groups based on the schedule below:
- On the 2nd Wednesday of the month, benefits are sent to beneficiaries who were born between the 1st and the 10th
- On the 3rd Wednesday of the month, benefits are sent to beneficiaries who were born between the 11th and the 20th
- On the 4th Wednesday of the month, benefits are sent to beneficiaries who were born between the 21st and the 31st
Retirees benefits amounts depend on your lifetime income
The rewards of the Social Security Old-Age program are different for each retiree. People who have worked and paid into Social Security for at least ten years must be at least 62 years old in order to get payments.
The amount of money you get each month is based on your 35 years of best earnings, which are then indexed. It is best to wait until you are 70 years old to file for benefits.
As of June 2024, the average retired person got just under $2,000 a month from Social Security. A lot of seniors rely on these benefits and do not have any other source of income besides these monthly checks.
To keep up with inflation, the amount that retirees get each month is also changed based on the cost of living rate.
In 2024, the most you can get from Social Security each month is $2,710 if you start getting it at age 62. The highest amount you can get each month goes up to $4,873 if you wait until you are 70 years old.
As of June 2024, the average monthly amount for people who get Social Security Disability Benefits (SSDB) was just under $1,400. Spouses and children of workers who have died may also be able to get benefits.
As of June 2024, the average monthly payment was just over $1,500.
