In the United States, the Social Security Administration (SSA) distributes various types of benefits to qualified individuals every month. These benefits are crucial for millions of retirees, survivors, and disabled workers as they help alleviate the financial strain caused by inflation and meeting basic needs. The SSA has announced that Social Security payments for seniors who began receiving benefits before May 1997 will be issued in the upcoming days. These payments, including the cost-of-living adjustment (COLA), will have an average monthly payment of about $1,900.
For September 2023, it is estimated that nearly 67 million people will receive these Social Security payments. Most of these beneficiaries are retirees and their families, amounting to over 52 million individuals in September 2023. Furthermore, the SSA projects that more than 180 million people will be working in jobs covered by Social Security and paying Social Security taxes by 2024.
In July 2024, retirees who began receiving benefits after May 1997 will start receiving their monthly benefits on July 3rd. Beneficiaries who are eligible for payments will receive checks on subsequent dates, which are July 10th, July 17th, and July 24th. More details on upcoming payment dates can be found via this link or on the official Social Security payment schedule.
The payment amounts for each beneficiary type will vary, depending on factors such as the recipient’s full retirement age, work history, average contributions over the past 35 years, and type of disability. Some possible Social Security check amounts are listed below:
– Retirement benefits: Average $1,900
– Survivors benefits: Average $1,505
– Disability benefits: Average $1,537
– Age 62: $2,710
– Age 67: $3,822
– Age 70: $4,873
– Individual: $1,773
– 2 Children: $3,653
– Blind recipients: $2,590
– Maximum payment: $3,822
Eligible children of deceased parents can also receive Social Security benefits, with over half of the 2.7 million children receiving payments after their parent’s death. These benefits are crucial for surviving children and families, regardless of race, ethnicity, income level, or geographical area. On average, surviving children receive more than $1,000 per month until they reach the age of 18 or 19 (if still in high school and unmarried). Stepchildren, grandparents, step-grandparents, and adopted children may also be eligible for monthly benefits under specific conditions.
