The first round of Social Security payments for this month will begin on 15 May, with amounts up to $5,108 for those who retired at age 70. It is important to know the payment distribution dates, as well as to be aware of how Social Security is funded. Also, the recipient needs to be aware of those factors that also affect payment.
Therefore, in order for the receiver to know all the information in detail, please read on.
Learn about all payment distribution dates
Social Security payments usually begin on the second Wednesday of each month and are distributed over the following weeks according to the beneficiaries’ date of birth. This date is different from other dates, so citizens should be aware of these new dates.
This May, those born between the 1st and 10th of any month will be paid on 15 May. In this line, it should be noted that it will not be available before this date. For those born between the 11th and the 20th, cheques will arrive on 22 May, and those born between the 21st and the 31st will receive their benefits on 29 May.
How Social Security is financed: the methodology of payments
The Social Security programme is maintained through a payroll tax, which is paid by both employees and employers. It is therefore important to keep track of the taxes linked to the employee’s payroll.
However, experts have previously warned that the full amounts of payments could be reduced from 2034 onwards if Congress fails to act, due to the increase in retirees and the decrease in the number of contributing workers. This inequality may directly affect the amounts earlier than stipulated.
Factors affecting the amount of the payment
The amount each person receives depends on one key factor. The main reason is based on retirement age, contributions made to the programme and years of contributions.
According to the Social Security Administration (SSA), those who choose to retire at age 62 can receive up to $2,831 per month, while those who delay retirement until age 70 can receive up to $5,108 per month. These amounts will depend on the age at which the worker wants to retire.
Beneficiaries can calculate a personalised estimate of their monthly payment using the SSA’s simulator. To be eligible for Social Security payments, citizens must be at least 62 years old. This tool is a great help for those citizens who are a bit lost and do not know their estimated monthly payment.
What other payments are there and how much are they?
It is important to know all payments that exits and how much money are they. That is why down here we present a lost of other payments that are also aviable and the citizent can get if they are founded in these situation:
- Disability (SSDI): $1,581.88 per month
- Survivor benefits: $1,565.52
- SSI (for low-income individuals or those with disabilities): $717.87
How to I know if my money has arrived correctly
The fastest way to check if your deposit went through is by reviewing your bank account on the same Wednesday shown on the calendar. Most payments are made via direct deposit and usually appear in the early hours of the day. If you prefer to check online, you can view your profile at my Social Security through the SSA’s official website: ssa.gov.
And if it hasn’t arrived?
SSA recommends waiting three business days before filing a claim. Sometimes delays happen due to banking or technical issues. If after that time it still hasn’t arrived, contact SSA directly or go to a local office with your Social Security number handy, to claim what’s yours!
How much comes in this month? The relevance of numbers
Let’s get to the relevant numbers. The national average for retirement payments is $2,000 per month ($1,999.97 if we want to be exact), but the final amount depends on your earnings history, how many years you contributed, and the age at which you retired.
