If you retired after May 1997 and started getting Social Security benefits, the Social Security Administration (SSA) will give you a new payment next week, on October 9. The monthly benefits for these people will be about $1,900 on average, but different payment amounts are possible based on each person’s situation.
It’s important to remember that millions of people who get Social Security will not be able to pay their bills and enjoy their retirement without this payment.
The Social Security Administration, on the other hand, says that the number of Americans aged 65 and up will rise from about 58 million in 2022 to about 75 million in 2035.
This rise, along with the current drop in the number of people who are working, could make it harder for Social Security to continue to pay benefits to all retired Americans in the future. This is why people who are retired need to make plans for their retirement and save enough money for that time in their lives.
Retirees will receive their first Social Security payment of October soon
The Social Security Administration has to send out more than 70 million payments every month. To make sure all beneficiaries know when their payments are due based on the program they are eligible for, they made an annual plan. This month’s Social Security payment plan shows that retirees who started getting benefits after May 1997 will get their checks on the following dates:
- On October 9th (Second Wednesday), for those retired Americans who were born between the 1st and the 10th
- On October 16th (Third Wednesday), for those retired Americans who were born between the 1st and the 10th
- On October 23rd (Fourth Wednesday), for those retired Americans who were born between the 1st and the 10th
Please keep in mind that you should wait at least three mailing days before calling SSA’s customer service if your Social Security payment doesn’t come on the due date. Also, don’t forget that you can go to your “My Social Security Account” to find out more about your salary amount and other topics that have to do with Social Security.
How much money will retirees earn in the next Social Security payment?
It was already said that the average check for retirees is $1,900, but there are other maximum amounts that can be given to people who meet certain requirements. To figure out the highest benefit for all Americans, the Social Security Administration (SSA) looks at the full retirement age (FRA) of each retiree.
One example is that a person will get $3,822 a month when they reach full retirement age in 2024. It will be $2,710 a month if they retire at age 62, which is about four years before the FRA.
Finally, people could get the biggest payment, which in 2024 was set at $4,873, if they waited to retire until they were 70 years old. To get the most out of Social Security, seniors must meet certain criteria, such as having paid payroll taxes based on their highest taxable income for the past 35 years.
How can retirees calculate their retirement benefits from Social Security?
It is important to know how much money you will get in retirement benefits so you can manage your money and see if you will have enough to cover your basic costs. So, opening a Social Security account is the first thing you need to do to find out how much money you will get in retirement and what other benefits you might get based on how much you earn.
With a Social Security account, you can figure out how much money you think you’ll make in the future and see how that changes your retirement age options. When you log in to your Social Security account, you can download the Social Security Statement. This document has a bar graph that shows how much money you can expect to get in retirement for up to nine different ages.
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