Some Social Security recipients are set to receive payments of up to $4,873 this week.
On April 17, recipients of Social Security are expected to begin receiving their monthly disbursements. These payments are provided to retired individuals, qualifying disabled individuals and survivors of deceased claimants.
However, with various categories of payments and a significant number of beneficiaries, not all claimants receive their funds on the same day each month. The Social Security Administration divides the payments of retirement funds into four monthly payment dates.
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When will I be paid this month?
For retirees, the payment date depends on their birth date. The next installment, due on April 17, is expected to go out to all retirees born between the 11th and 20th of any month.
Full schedule of Social Security benefits for April
April 1
All Supplemental Security Income payments are due to be made on April 1, as well as Social Security payments for those who have been claiming since before May 1997. April 1 is also when those who live outside the U.S. and receive Social Security payments can expect to receive their disbursements.
For those who receive both SSI and Social Security benefits, payments are due to be made on April 1 and 3, respectively.
April 10
Those who have a birthday between the first and 10th of their birth month can expect their monthly payments on April 10.
April 17
Those with birthdays that fall between the 11th and 20th can expect their disbursements on April 17.
April 24
Any beneficiaries born between the 21st and 31st of any month can expect their benefits on April 24.
How is Social Security calculated?
How much someone receives in retirement benefits is based on several factors, including their income while they were working and their age at retirement.
On its website, the SSA says: "The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873."
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Social Security payments are calculated using the 35 highest-earning years of your career and are then adjusted for inflation. The average monthly payment for a retiree is $1,907, according to January data from the SSA.
Benefits are subject to change annually because of the cost of living adjustment rule. This adjustment is tied to the consumer price index for urban wage earners and clerical workers, ensuring that the amount received each year reflects changes in inflation.
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