On Wednesday, October 9, next week, the Social Security Administration (SSA) will send a new Social Security payment to retired Americans who began getting benefits after May 1997.
On average, these people will get about $1,900 a month in benefits, but different payment amounts are possible depending on the situation of each applicant.
It is important to remember that millions of people who get Social Security will not be able to pay their bills or enjoy their retirement without this payment.
The Social Security Administration says that by 2035, there will be 75 million more Americans aged 65 and up than there were in 2022 (58 million).
This growth and the current drop in the number of people who are working may make it harder for Social Security to continue to pay payments to all retired Americans in the future.
So, people who are retired need to make plans for their future and save enough money for it.
Retirees will receive their first Social Security payout for October soon.
The Social Security Administration has to send out more than 70 million payments every month. To make sure that all recipients know when their payments are due based on the programme they are eligible for, they made a yearly schedule.
The Social Security payout schedule for this month says that retirees who started getting benefits after May 1997 will get them on the following dates:
Americans born between January 1 and October 10 will be able to retire on October 9 (Second Wednesday).
Americans born between January 1 and October 10 will be able to retire on October 16 (Third Wednesday). Americans born between January 1 and October 10 will be able to retire on October 23 (Fourth Wednesday).
Please keep in mind that you have to wait at least three mail days before calling SSA customer service if your Social Security payment does not arrive on the due date.
Do not forget that you can use your My Social Security Account to find out more about your payment and other things that have to do with Social Security.
How much money will seniors get in their next Social Security payment?
As was already said, the average check for seniors is $1,900, but there are higher amounts that can be given to people who meet certain requirements.
The Social Security Administration (SSA) figures out the highest payment for all Americans by looking at each retiree’s full retirement age (FRA). For instance, a person who turns 65 years old in 2024 will make $3,822 a month.
They will get $2,710 a month in pension if they retire at age 62, which is about four years before the FRA. Finally, people could get the biggest payment, which in 2024 is set at $4,873, if they waited to retire until they were 70 years old.
To get the most out of Social Security, seniors must meet certain requirements, such as having paid payroll taxes based on the highest taxable wage for the past 35 years.
How can retirees calculate their Social Security benefits?
Figuring out how much money you will get in retirement is an important part of managing your money and figuring out if you will have enough for your basic wants.
You need to open a Social Security account before you can find out how much money you will get in retirement and get figures for other benefits based on how much you earned.
The Social Security account lets you figure out how much money you will make in the future and how that will change your planned retiring age.
You can download the Social Security Statement by logging into your Social Security account. This document has a bar graph that shows how much money you will get in retirement for up to nine different ages when you may want to start getting payments.
Also see:-On this date, check your bank account; $1,920 in social security installments will be issued