Today, many beneficiaries of the Retirement, Survivor, and Disability Insurance (RSDI) program will receive their new Social Security payment. To be eligible for these monthly benefits, claimants must have applied after May 1997 and be born between the 11th and 20th.
On average, retired workers can expect $1,900, while those receiving Social Security Disability Insurance (SSDI) will get $1,537. These amounts already include the 3.2% cost of living adjustment (COLA), designed to help recipients keep up with inflation and cover their monthly expenses.
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Payment Amounts
Knowing the payment amounts for retirees, survivors, and disabled individuals can be complex. Here’s a summary of the monthly checks available to RSDI and SSI beneficiaries in 2024:
| Social Security Payments | Retirement Benefits | Survivors Benefits | Disability Benefits |
|---|---|---|---|
| On Average | $1,900 | $1,505 | $1,537 |
| Other Payments | |||
| Age 62: | $2,710 | ||
| Age 67: | $3,822 | ||
| Age 70: | $4,873 | ||
| Individual: | $1,773 | ||
| 2 Children: | $3,653 | ||
| Blind Recipients: | $2,590 | ||
| Maximum Payment: | $3,822 |
Payments
Each beneficiary’s situation is unique, so it’s essential to consult with a Social Security professional to knowing how your payment amount is calculated. Meeting the strict requirements for the maximum benefit amounts in each program is crucial. For more information, access your My Social Security account to download monthly statements, check payment delivery, and request other Social Security procedures online.
Payment Schedule
The Social Security payment schedule for 2024 has two remaining payments scheduled for the third and fourth Wednesdays of this month. The SSA organizes payments based on each beneficiary’s birth date:
| RSDI Benefit Program | Mailing Date | Payment Methodology |
|---|---|---|
| Retirees, survivors, and disabled people post-1997 | 2nd Wednesday (July 10th) | Day of birth: 1st–10th |
| 3rd Wednesday (July 17th) | Day of birth: 11th–20th | |
| 4th Wednesday (July 24th) | Day of birth: 21st–31st |
SSI recipients are always paid on the first day of the month, while RSDI beneficiaries who claimed benefits before 1997 are paid on the third day of the month, regardless of their birth date.
Retirement Age Trends
Predicting retirement age can be challenging. According to a 2024 Mass Mutual survey, many people plan to retire at age 63, though the median reported retirement age is 62. This suggests that many Americans expect to work longer than they do. Early retirement often results from unforeseen events like health problems, disabilities, or caregiving responsibilities. Medicare becomes available at age 65, making health insurance a critical factor for those considering early retirement.
In conclusion, Social Security payments are crucial for supporting retirees, survivors, and disabled individuals. Knowing the payment schedule and amounts is vital for beneficiaries. Always check with Social Security professionals to ensure you receive the correct benefits and stay informed about your entitlements.
FAQs
When will I get my Social Security payment?
Payments are made on the second, third, or fourth Wednesday of the month, depending on your birth date.
What is the average SSDI payment?
The average SSDI payment is $1,537.
Does my birth date affect my payment date?
Yes, payment dates are based on your birth date.
How is the COLA increase determined?
COLA increases are based on inflation rates to help beneficiaries keep up with living costs.
Can I access my payment details online?
Yes, use your My Social Security account to check payment details and more.