The Social Security Administration (SSA) has announced a new set of payments for eligible seniors who have already claimed their Social Security benefits. According to the payment schedule, two rounds of payments are scheduled to be mailed on May 15th and May 22nd for retirees born between the 11th and 20th and between the 21st and 31st, respectively. Also, remember that this retirement monthly check already comes with the 3.2% boost from the cost of living adjustment (COLA) implemented at the beginning of the year, in January.
Social Security is one of the most significant programs in the United States, providing millions of seniors with a consistent income to cover their monthly living expenses. According to the SSA, monthly benefits help seniors cover between 50% and 90% of their income, helping them plan their monthly budgets and secure their financial future. If a senior contributes to the system for at least ten years—the minimum number of years needed to accrue 40 credits—they will be eligible for Social Security payments. Moreover, Social Security provides financial security not only to the elderly but also to certain qualifying spouses, qualifying children, and, in certain cases, the parents of deceased employees.
Who is eligible to receive Social Security retirement benefits?
A federal program known as the retirement benefit payment is meant to replace a portion of your income if you quit working or cut back on hours. Consider other sources of income as you get older, as they might not be able to replace your entire income. Under the existing system, qualified individuals receive benefits by paying into Social Security while they work, with tax revenues supporting this payment. As the Social Security Administration (SSA) highlighted, only these citizens will be eligible for retirement benefits:
- People who have already retired.
- People with qualifying limitations.
- Survivors of dead employees.
- Beneficiary’s dependents.
This means that the money you pay in taxes is not saved in a personal account to be used when you start receiving benefits. The SSA uses your taxes to pay those who are currently receiving your monthly benefits. Also keep in mind that instead of going into a personal account in your name, any unused payments go into the Social Security trust funds.
How much will seniors receive this month?
Every October, the cost-of-living change (COLA), determines the increase in monthly payments for the coming year. After the 3.2% increase approved for this year, here you will find the allowable Social Security payment amounts for seniors:
- On average: $1,900
- Age 62 (Before FRA): $2,710
- Age 67 (FRA): $3,822
- Age 70 (After FRA): $4,873
How much you get depends on several factors, including how old you are when you file for benefits, how much you paid into Social Security on average while you worked, and how long you paid into Social Security. According to the Social Security Administration (SSA), seniors can receive up to $2,170 per month if they retire before their full retirement age (FRA), which is usually 62. If they wait until their full retirement age, their monthly income can increase to $3,822.
Most older workers must earn 40 credits or have paid into the insurance program system for at least 10 years to qualify for benefits that come from Social Security taxes withheld from their paychecks. Beneficiaries should also consider that survivor or disability benefits may be available to younger people with shorter work histories. Don’t forget: The minimum amount needed to earn a credit usually increases each year.
The monthly payment schedule confirmed for seniors in June
The retirement program in the United States makes four rounds of payments each month based on the year in which seniors sought benefits and the day they were born. For more information on your monthly benefits, please visit the Social Security payment dates for 2024.
Social Security Financial Programs | Delivery date | Payment date |
Retirement benefits before 1997 | June 3rd, Monday | Payment for seniors who claimed benefits before May 1997. |
Retirement benefits after 1997 | June 12th: First Wednesday
June 19th: Second Wednesday June 26th: Third Wednesday |
Birth date between the 1st and 10th.
Birth date between the 11th and 20th. Birth date between the 21st and 31st. |