Miami, FL – Retirees in Miami, Florida, should be on the lookout for a new Social Security payment arriving in their bank accounts soon. The Social Security Administration will be distributing monthly benefits to retired workers who claimed benefits before May 1997, with an average payment of $1,900. This payment includes a 3.2% cost-of-living adjustment to help recipients keep pace with inflation.
The Social Security Administration, an independent federal agency, oversees various programs aimed at reducing economic risks in the population and improving the standard of living for millions of Americans. Approximately 72 million Americans receive monthly benefits under the Old Age and Survivors’ Insurance (OASI) program. In addition to OASI, the Social Security Administration also administers the Supplemental Security Income (SSI) program, designed to provide financial assistance to low-income citizens and disabled individuals who meet specific criteria.
The Social Security Administration designs a payment schedule each year to assist retirees, survivors, disabled individuals, and SSI recipients in planning their finances. Payments are typically distributed in five rounds each month. The first round is sent on the first day of the month for SSI recipients, the second on the third day for retirees who claimed benefits before May 1997, and the last for retirees who claimed benefits after that date, as well as survivors and disabled individuals. It is recommended to consult the Social Security Payment Schedule 2024 for detailed payment information.
For retirees claiming benefits before May 1997, the amount of their monthly benefit depends on factors such as their full retirement age, work history, and Social Security contributions. Retirees who claim benefits at the minimum retirement age of 62 may receive $2,710 monthly. In contrast, those who wait until reaching full retirement age will receive $1,112 more, amounting to $3,822 monthly. Retirees who delay benefits until age 70 and made maximum taxable income contributions could receive $4,873 per month.
Delaying Social Security benefits can lead to higher monthly payments in the future, impacting retirees’ financial well-being. However, the decision to delay benefits should consider factors such as health, family history, potential health costs, and other retirement investments to optimize retirement budgets. By collecting benefits earlier, retirees may defer income from other sources, allowing it to grow over time.