Every time a new month starts, it brings with it a new round of SSA payments, you know exactly what we’re talking about. Millions of retirees, people with disabilities, and other beneficiaries of programs like SSI, SSDI, SNAP, or similar are eagerly waiting for their checks to arrive. These payments could be just numbers, but they represent the main source of financial support for millions of families across our country, families that have no other choice or, simply, people that reached the end of their working lives and now they are enjoying a peaceful retirement.
Maybe, you don’t know but depending on the program you belong to, the Social Security Administration has scheduled a specific date for each payment (that you can check by clicking here), they all start the first days of each month, and, for this month of May, it started last Friday, on May 2nd, and we will explain you why.
Why are some dates being moved up?
As you may know, when a payment day falls on weekend (or maybe a national holiday), the Social Security Administration moves the payment dates forward one or two days, this is because they prefer to reschedule earlier so, this way, they prevent any possible disruptions in payments.
Once we have explained this, it is important to remember that SSA payments occurs in phases, they depend on the beneficiary’s birth day.
Who can receive $5,108 monthly?
Wait, wait, it depends on the beneficiary’s work history, and of course, depends on when the person decided to retire, people working till 70’s will receive more money than people who stop working at 62, but let’s see this because this is an incredible personal decision that no one should take without processing it correctly, but, you may know pros and cons of early retirement and full retirement age (FRA).
- People who retired at age 62 or “early retirement” should know that, although the administration gives you the option to retire at 62, the amount of money you will receive will be the minimum, reaching $2,831 per month. It is not a bad figure but is mainly intended for those who need to retire or for those whose body can no longer take it and need to rest now.
- Retirement at 67 (full retirement age), this group is the one that retires at the age that corresponds to them (those born from 1960 onwards will retire at this age), receives up to $3,822 per month.
- This last group is for those who decide to delay their retirement age until 70 years old, in “gratitude” for the extra three years of work, they receive up to $5,108 per month. This does not mean that you also have to delay your retirement age, no, it is not mandatory, but it is a way to encourage delaying retirement (especially now that we are seeing that SSA funds seem scarce).
And what about SSI beneficiaries?
This program, the Supplemental Security Income (SSI) Program is intended mainly for people with disabilities and limited resources. Each individual who participates in this program can receive up to $967 per month (and $1,450 for eligible couples). It is also important to remember that essential persons (those who care for disabled beneficiaries) also receive up to $484 from this program.
What are the most important dates?
Beneficiaries who began receiving benefits after May 1997 have the following calendar as specified by the SSA:
- Those born between the 1st and the 10th of each month receive it on the second Wednesday of the month (in this case, it will be Wednesday the 14th).
- Those born between the 11th and the 20th receive it on the third Wednesday of each month (05/21).
- Finally, on May 28, users who were born between the 21st and the 31st of each month will receive it.
Remember that this segmentation is done by the SSA so that it is a simpler delivery process. If you have not yet received your payment, check what day it is supposed to arrive and, above all, make sure your information is correct!