Social Security payments must arrive on time, and in the right amounts, because millions of Americans depend on this money to finish shaping their monthly budgets. Social Security provides financial support not only to retirees, but also to disabled people who need an extra income.
As established in the Social Security Administration (SA) schedule, payments are made on five important dates of each month:
Those who receive Supplemental Security Income (SSI) are the first to see their payments reflected in their accounts (or paper checks, depending on the preference of each beneficiary), because the SSA sends the money on the 1st day of each month.
If you’ve been receiving Social Security since before 1997, or if you receive Social Security SSI together, the SSA sends SSI payments on day 1 and Social Security on day 3.
For regular retirees who receive payments after May 1997, the three payment dates are as follows:
- Second Wednesday — Birthdays from 1st to 10th: If your birthday falls between the 1st and the 10th of any month, you will receive your Social Security payment on the second Wednesday, facilitating more organized financial planning.
- Third Wednesday — Birthdays from the 11th to the 20th: Those born between the 11th and the 20th of each month will receive their Social Security payment on the third Wednesday, ensuring a regular distribution of funds.
- Fourth Wednesday — Birthdays from the 21st to the 31st: Those born between the 21st and the last day of the month will receive their Social Security payment on the fourth Wednesday, thus completing the monthly payment cycle.
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Who Can Opt to Get Up to $4,873 From Social Security?
The maximum amount of Social Security benefits varies depending on the retirement age and the specific circumstances of each individual. Here I explain clearly and concisely:
- If you retire at age 62, the maximum benefit is $2,710 per month.
- When you retire at the age of 65, this amount increases to $3,426 per month.
- For those who retire at age 66, the maximum benefit is $3,652 per month.
- Those waiting until full retirement age (67 for those born after 1960) can receive up to $3,822 a month.
- If you decide to delay retirement until age 70, you may be eligible for a maximum monthly payment of $4,873.
- For surviving spouses with two children, the average payout is $3,653.
- Elderly surviving spouses without dependents receive about $1,773.
- Disabled workers get an average of $1,537, while those supporting a family get $2,720.
- SSI benefits have increased this year to $943 for individuals and $1,415 for couples.
These amounts vary depending on individual conditions and the time of application for benefits, and the maximum benefits are just destined for those who comply with the requirements at the moment of retirement.
To contact the Social Security Administration (SSA) and answer any questions, you can call the toll-free number 1-800-772-1213 or visit its official website at www.ssa.gov. You can also go to a local SSA office for personalized assistance, where the officials will be more than happy to help you out on your concerns and doubts.