By Arlenys Tabare
Feb 18, 2024, 11:20 AM EST
Through a payment schedule, the Social Security Administration (SSA) distributes checks to retirees, The exact amounts for each beneficiary will depend on retirement age and other factors.
The maximum benefit amount is $4,873 dollars this year, this is due to the 2024 Cost of Living Adjustment (COLA) of 3.2%, But to obtain that monthly amount, retirees must meet some requirements.
To receive Social Security it is not enough to simply apply, the entity evaluates some requirements such as: retirement age, the amount of accumulated work credits, contributions, tax payments, among others.
How much is the amount for retirees?
As mentioned before, the exact amount each retiree receives depends on the age at which they retired, in this case, Retirees at age 62 get $2,710 dollars, 30% less of the benefit.
Those retired at age 67 receive $3,822 dollars, this is the average retirement age so beneficiaries receive 100% of the payments. While retirees who delay retirement until age 70 get a payment of $4,873 per month more than 100% of the profit.
Who will receive payments next Wednesday?
According to the SSA schedule, Payments to retirees are divided into two, those retired before and after May 1997. The first group already received the benefit the first week of this month.
Now, the second group divides the sending of payments into three rounds depending on the day of birth, The first to receive their checks were retirees born between the 1st and 10th of any month last Wednesday, February 14.
Therefore, the next to receive their payments this Wednesday, February 21, are those retirees between the 11th and 20th of any month. Finally, The last round of shipments corresponds to those born between the 21st and 31st of any month.
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