Boston, MA – Seniors born between the 11th and 20th of the month can expect a Social Security payment to hit their bank accounts today. Following this payment, the Social Security Administration (SSA) will disburse the last round of payments for the month on Wednesday, April 24th, exclusively to seniors born between the 21st and 31st.
The SSA’s payment schedule dictates the distribution dates each month, with an anticipated 68 million Americans projected to receive benefits by 2024. The federal agency’s retirement program extends benefits to retirees aged 65 and older, individuals meeting specific disability requirements, and surviving claimants of deceased workers.
In contrast, the Old-Age, Survivors, and Disability Insurance (OASDI) program encompasses retirement benefits, Supplemental Security Income (SSI), and Social Security Disability Insurance (SSDI) to alleviate financial hardships for those in need. Retirees comprised 77.8% of individuals benefitting from the SSA’s payment system in 2023, highlighting the significance of Social Security benefits in retirement income planning.
The nation’s largest retirement program, Social Security, provides financial stability to millions of Americans by offering benefits to the survivors and families of deceased workers. The program is vital for almost 96% of working Americans, underscoring its importance in ensuring financial security.
The amount seniors receive in Social Security payments is influenced by factors such as their retirement age, contributions to Social Security, and the duration of their participation in the program. Full retirement age (FRA) is a key determinant, with seniors reaching age 70 eligible for a maximum monthly benefit of $4,873. Those retiring at the earliest age of 62, however, can expect a maximum of $2,710 per month, while individuals retiring at the FRA of 67 can receive up to $3,822 monthly.
Seniors can refer to the Social Security payment schedule for April 2024, organized based on birthdate ranges and program types, to anticipate their benefits. In case of any delays in payment arrival, individuals are advised to allow three additional mailing days before contacting Social Security for assistance.
To navigate financial crises effectively, seniors are encouraged to remain calm, reassess their priorities, and seek assistance from trustworthy sources, such as friends and family, to explore options for emergency financial support. Engaging in prudent financial planning and seeking help from reliable resources can help seniors mitigate the risks of falling into credit card debt or predatory lending traps during challenging times.