Denver, Colorado – Retired workers, survivors, and disabled individuals born between the 1st and 10th of the month will experience a delay of seven days in receiving their Social Security payments. The Social Security Administration (SSA) has a detailed schedule for distributing payments to beneficiaries each month, ensuring that everyone receives their benefits on specific dates. In total, the SSA divides payments into five rounds throughout the month to cover various groups of recipients.
The first round of payments includes individuals who qualify for Supplemental Security Income (SSI) and receive their benefits on the first day of each month. Following this, retired workers who began receiving Social Security benefits before May 1997 receive their payments on the third day of each month. Finally, retired workers, survivors, and recipients of Social Security Disability Insurance (SSDI) receive their benefits on the second, third, and fourth Wednesdays of the month.
Social Security was introduced in 1935 as part of President Franklin D. Roosevelt’s New Deal initiatives to provide financial assistance to individuals who may struggle to support themselves. While the primary focus is on monthly benefits for retirees, the program also helps disabled individuals, spouses or children of deceased workers, divorced spouses of deceased workers, dependent parents of deceased workers, and other eligible recipients.
Depending on the recipient’s circumstances, Social Security may provide benefits at any age, with a significant amount allocated to children. To be eligible for these benefits, workers must have accumulated enough credits through their contributions to the Social Security system. Typically, workers earn up to four credits annually based on their earnings, with the eligibility criteria often adjusted yearly. Most workers need 40 credits or ten years of service to qualify for benefits, while younger workers may qualify for disability or survivor benefits with a shorter work history.
In April, Social Security beneficiaries can expect payments according to their birthday range, with a specific schedule available for reference. The amount of payment varies based on the program, with retirement benefits averaging $1,900, survivor benefits at $1,773 for individuals and $3,653 for two children, and SSDI payments ranging between $1,300 and $1,600 per month. Future beneficiaries should note that Social Security is designed to supplement retirement income rather than replace it entirely, with benefits varying based on career earnings and the age at which individuals begin claiming them.
The percentage of pre-retirement income that Social Security can replace differs for individuals based on their income level, with low-income earners potentially receiving 75%, medium earners around 40%, and high earners approximately 27%. Overall, Social Security serves as a crucial source of financial support for many Americans, offering a safety net for retirees, survivors, and disabled individuals in need.