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Nearly 70 million people in the United States receive their Social Security payments each month, a financial that covers retirement, disability and survivor benefits. These vital incomes for millions of households are made in a single monthly payment, although the schedule depends on several factors.
The distribution scheme of the Social Security istration (SSA) divides payments into three different dates. People born between the 1st and 10th of the month receive their deposit on the second Wednesday; those born between the 11th and 20th receive it on the third Wednesday; and those born between the 21st and 31st receive it on the fourth Wednesday. This segmentation is intended to ensure that resources arrive without delays or system overloads.
In May, the SSA already issued the first round of payments, corresponding to beneficiaries who began receiving their checks before 1997. The next key date is Wednesday, May 14, when the next round of deposits for beneficiaries will be made.
The payment schedule and structure are essential to ensure that this federal income arrives safely, predictably and without a hitch.
How much is paid for Social Security and SSI benefits?
In addition to traditional pensions, the SSA isters the Supplemental Security Income (SSI) program, which is intended for seniors, the blind and people with severe disabilities that limit their ability to work. This benefit is usually paid at the beginning of the month and the amount varies according to the family and economic situation of the applicant.
The amount of the check is determined by two key aspects: the income the person earned during their working life and the age at which they decided to start collecting their pension.
For those who retire at age 62, the average monthly Social Security payment is $2,831. In contrast, if the person waits until age 67 to retire, they can receive up to $3,822. And if they choose to delay retirement until age 70, the maximum benefit is $5,108 per month.
On the other hand, SSI program payments can reach up to $967 per individual. In the case of a couple filing tly, the could rise to $1,450. In addition, individuals considered "essential," who provide care to beneficiaries, can also receive up to $484 each month.