Social Security payment worth up to $4,873 paid today – check if you’re eligible
Today, certain recipients are paid Social Security benefits worth up to $4,873.
About 68 million Americans receive some form of Social Security benefit each month. However, payments are spread out due to the large number of payments that must be processed.
The date on which recipients receive their pension or other benefits depends on their birthday.
People born between the 21st and 31st of a given month will receive their check on the fourth Wednesday of the month, which falls on September 25th.
If you were born between the 1st and the 10th of any month, you should have received your monthly check on September 11th.
People born between the 21st and 31st of a given month will receive their check today
Those born in the next category, between the 11th and the 20th, received their check on the third Wednesday of the month, September 18th.
An exception to this scheme applies to people who have been relying on the Social Insurance Bank (SVB) since 1997 or who receive both pension benefits and supplementary social security benefits (SSI).
This group received their payments in the first week of the month, on September 3.
The SSA recommends waiting three business days after the due date before contacting them about a late payment.
The highest retirement benefits are as much as $4,873, although this amount is likely lower for most recipients.
The average monthly pension amount is $1,907. This amount is based on the recipient’s 35 highest-earning years of their career and is adjusted for inflation.
“The maximum benefit depends on the age at which you retire. For example, if you retire in 2024 at full retirement age, your maximum benefit would be $3,822,” the SSA says on its website.
However, if you retire at age 62 in 2024, your maximum benefit will be $2,710.
“If you retire at age 70 in 2024, your maximum benefit will be $4,873,” the site explains.
People who receive only SSI benefits and no pension should have received their checks by August 30, since the usual payment date falls on the first day of the month on a weekend.
Total Social Security benefits now cost the government about $1.5 trillion a year
The highest SSI benefit an individual can claim is currently $943 and $1,415 for a couple.
Total benefits, including retirement, disability and survivor benefits, now cost the government about $1.5 trillion a year.
Meanwhile, Americans living in nine states will receive less Social Security starting this month because of a tax hike.
Beneficiaries living in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont or West Virginia may have to pay more.
The exact impact depends on the state you live in and your total income.
Earlier this year it was also announced that Social Security is expected to have insufficient funds in 2035.
The program relies on trust funds to provide monthly benefits to about 70 million Americans.
But as the population ages, the program’s costs rise because fewer people contribute and expenditures exceed revenues.
The last annual report A study by the Social Security Supervisory Board has shown that the program will not be able to pay out full benefits for the next 11 years. That is a year later than previous estimates.