The Social Security Administration (SSA) will distribute monthly retirement benefits of up to $4,873 to eligible American citizens this week.
This includes those aged 65 and above, disabled individuals who meet specific qualifications, and beneficiaries of deceased persons.
These payments are not disbursed uniformly. Instead, they depend on the recipient’s birthdate.
The SSA calculates these benefits considering factors such as an individual’s lifetime earnings, age, and when they chose to start receiving benefits.
Recipients with high lifetime earnings who delay payments until age 70 or have dependent children may qualify for the maximum benefits.
Understanding SSA’s monthly retirement payouts
The average monthly Social Security retirement compensation in January was around $1,907.
This figure is determined by the length of an individual’s career and total lifetime earnings.
Beneficiaries born between the 21st and 31st of any month will receive their payments this Wednesday.
Benefits for those born earlier in the month should have been received already.
Similarly, Supplemental Security Income (SSI) payments for the elderly, blind, and disabled individuals with limited resources conform to the same payment schedule.
If your benefits are delayed, the SSA suggests waiting three business days before taking further action.
If you have not received your benefits after four business days, you are encouraged to contact the SSA directly.
These payments are subject to delay if the normal payment date falls on a weekend or holiday. In that case, they will be received on the last business day of the previous month or the next business day, respectively.
Adjustments are regularly made to balance out the effects of inflation, and Social Security benefits are expected to increase by 1.75% to 2.5% next year.
Last year saw the largest annual increase in nearly four decades, with an 8.7% boost, which was complemented by a 3.2% hike this year.
Aliss Higham, a Glasgow-based reporter, encourages readers to engage with her directly regarding any queries or comments.
Higham, a Goldsmiths University of London graduate, transitioned from freelancing for esteemed digital publications, The Express and The Mirror, to a full-time role in January 2024.
