The Social Security Administration has announced a new Social Security payment for millions of disabled and retired Americans born between January 1 and May 10, 1997, who got their first Social Security check after May 1997.
If you are one of these people, you should keep an eye on your bank account because the SSA will send benefits ranging from $1,900 to $4,873 to people who are eligible.
It is also important to note that these monthly benefits will already include a 3.2% cost of living adjustment (COLA). However, these will be the last checks that get this annual increase because the federal agency has already confirmed that there will be a new COLA increase next year, which will start in January 2025.
Social Security payment was confirmed for next week on December 11th
Millions of people get a monthly payment from Social Security. How much they get depends on a number of things, such as their age when they started getting benefits, the number of Social Security credits they have, the amount of payroll taxes they have paid for the last 35 years, and the type of disability they have, especially if they are eligible for Social Security Disability Insurance (SSDI).
Because of these things, beneficiaries will get different amounts of money. In this case, retirees will get the following amounts of money:
- $2,710 per month:Â this monthly payment amount is available for those retired workers who collected benefits before the full retirement age (FRA) or at 62 years old.Â
- $3,822 per month:Â this monthly payment amount is available for those retired workers who claimed benefits at the full retirement age (FRA), which is currently set at 67 years old.
- $4,873 per month:Â this monthly payment amount is available for those retired workers who decided to delay benefits until reaching 70 years old.
In 1983, Congress passed a law that gradually raised the age at which Social Security recipients could start getting full benefits. At first, early retirement benefits were given to people aged 62, but they were permanently cut to 80% of the maximum benefit amount.
In the past, the full benefit age was 65. The full benefit age for people born in 1955 is currently 66 years and 2 months. For people born in 1960 or later, it will gradually rise to 67.
Early retirement benefits will still be given to people aged 62, but they will be even less than they are now. If you start getting benefits at age 62, they will be cut to 70% of the full benefit when you reach age 67, and if you start getting benefits at age 65, they will be cut to 86.7% of the full benefit.
You can get a cash bonus for putting off retirement. For someone turning 66 years and 2 months old in 2017, their benefits are 132% of what they would have been at the normal retirement age.
Their monthly benefit also goes up by 8% for every year they wait to start getting Social Security benefits until they turn 70, which is the latest age they can claim benefits.
Because of this delay, benefits claimed at age 70 will be 24% more than they are now, when the full benefit age is 67. In 2017, the most a person can get from their retirement if they wait until they are 70 years old is $3,538 a month.
How much will disabled individuals receive on their Social Security payment next week?
The Social Security Administration will send benefits next week to all beneficiaries who are eligible for the Social Security Disability Insurance (SSDI) program.
These benefits are in addition to retirement benefits. The following amounts will be paid to people who qualify under the current rules for this program:
| Social Security payments | Disability benefits |
| On average | $1,537 |
| Other payments | Blind recipients:Â $2,590
Maximum payment:Â $3,822 |
Remember that you should wait at least three mailing days before calling customer service if your Social Security payment does not arrive on the due date.
The Social Security payment schedule is always the best place to find out more about when your monthly payments are due.
