The Social Security Administration sends five rounds of payouts every month to disabled people, survivors, retired workers, and people who have met all the requirements.
Some people who get Social Security will get their last payment of the month this week, since September is almost over.
Thus, if you were born between the 21st and 31st of any given month and are a member of the RSDI program, keep an eye on your bank account because you will soon be getting a new Social Security payment.
Find out more about the next payment and the steps you need to take to make sure you get this regular benefit.
Beneficiaries who claimed their first Social Security payment after 1997 will get a new check.
The SSA has to send out more than 70 million payments every month, so they made a yearly payment schedule so that all beneficiaries can see exactly when they will get their money each year. On this yearly plan, all retirees, survivors, and disabled people get their payments as long as the following things are true:
- If they claimed benefits before May 1997, they would get their monthly payments on the third day of every month, regardless of their birth date.
- If they claimed benefits after May 1997, they will get their monthly payments based on the day they were born, as detailed here:
- On the 2nd Wednesday for recipients born between the 1st and the 10th.
- On the 2nd Wednesday for recipients born between the 11th and the 20th
- On the 2nd Wednesday for recipients born between the 21st and 31st
It is important to remember that the Social Security Administration also gives monthly payments on the first of the month through the Supplemental Security Income (SSI) program to low-income seniors, disabled people, and children who are having a hard time with money.
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Aside from the Social Security payment, please remember that some recipients may also be able to get benefits from retirement and the Supplemental Security Income program.
How much money will beneficiaries receive in the next Social Security payment?
Beneficiaries can get different amounts of money based on their full retirement age (FRA), work history, and the amount of Social Security taxes they paid while they were working.
If a retired worker meets the requirements, they can get a monthly check of up to $1,900. If they don’t, they can get a maximum monthly payout of $4,873 if they start getting benefits at age 70 and make the most money that is taxed.
On the other hand, disabled people can get an average of $1,537 a month, and people who paid into Social Security based on their highest taxed wages before they got disabled could get up to $3,822. Lastly, blind recipients can get up to $2,590 a month in benefits.
Also, keep in mind that the cost of living increase (COLA), which is currently set at 3.2% but will change in October, is already part of your benefits.
The most recent predictions say that the next COLA increase could be about 2.5%, which is a lot less than the real rate. If the final COLA increase is proven to be 2.5%, people who are eligible will start getting the following payments next year:
Retirement benefits | Social Security payment | 2.5% COLA increase | Extra income |
On average | $1,900 | $1,948 | $48 |
Age 62 | $2,710 | $2,778 | $68 |
Age 67 | $3,822 | $3,918 | $96 |
Age 70 | $4,873 | $4,995 | $122 |
Disability benefits | Social Security payment | 2.5% COLA increase | Extra income |
On average | $1,537 | $1,575 | $38 |
Blind recipients | $2,590 | $2,655 | $65 |
Maximum payment | $3,822 | $3,918 | $96 |
SSI benefits | Social Security payment | 2.5% COLA increase | Extra income |
On average | $698 | $715 | $17 |
Individuals | $943 | $967 | $24 |
Couples | $1,415 | $1,450 | $35 |
Essential person | $472 | $484 | $12 |
Also see:-Social Security Pays Up to $943 on Oct. 1 Estimate Your Amount With This Calculator
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