Social Security recipients will begin receiving their monthly payments from the Social Security Administration (SSA) this week.
On Wednesday, April 10, retirees will begin receiving their monthly payments from the SSA. Social Security payments are made to retired individuals aged 65 and over, qualifying disabled people and survivors of deceased claimants. Due to the several different types of payments and the sheer number of people being paid, not every claimant get their money on the same date each month.
Social Security payments are calculated using the 35 highest-earning years of your career and are adjusted for inflation. The average monthly payment for a retiree receiving Social Security benefits is $1,907, according to January 2024 data from the government agency itself.
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However, the amount any beneficiary gets differs depending on "average indexed monthly earnings," which the SSA uses to calculate payments. The maximum amount available to retirees is $4,873 per month, but again, this depends on when you retired and how much you earned during the course of your career and is not available to all who claim.
The SSA explains: "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."
For those who receive other types of SSA payments, such as disability and survivor benefits, the numbers are not the same. Those receiving Social Security Disability Insurance (SSDI) are likely to receive less than retirees, with the average amount currently standing at $1,537.
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Following this week's payments, there are two more payment dates in April—so if you don't get your money this week, you may be in one of the upcoming batches.
When will I be paid this month?
April 1
All SSI payments will be made on April 1 this month, as well as Social Security payments for those who have been claiming since before May 1997. The April 1 payment date also applies to those who live outside the U.S. and receive Social Security payments.
For those who receive both SSI and Social Security benefits, payments will be made on April 1 and 3 respectively.
April 10
Those claimants who have a birthday between the first and 10th of their birth month will receive their payment on Wednesday, April 10.
April 17
Those with birthdays that fall between 11th and 20th will receive their monthly amount on April 17.
April 24
Any beneficiaries born between the 21st and 31st of any month will have their benefits paid on April 24.
Uncommon Knowledge
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