Social Security Trust Fund: Due to its provision of essential financial assistance to millions of Americans through the Social Security program, the Social Security Administration (SSA) is a mainstay for many seniors in the United States.
The government organization distributes weekly payments to a variety of beneficiaries every month, including those with special disabilities and retirees who receive Supplemental Security Income (SSI).
To reach 200,000 more Americans, the Social Security Administration has officially announced that it will send out a fresh round of payments totalling around $1,900.
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Over 70 million Americans get retirement benefits, according to figures from the Social Security Administration. According to the latest official government figures reported by Marca, 72.23 million Americans were receiving Social Security Administration payments in April, up 200,000 over the previous month.
Approximately 195,000 additional people appear to have qualified for Social Security, Supplemental Security Income (SS), or both. This could be attributed to a high number of individuals electing to retire.
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With the Cost-of-living Adjustment (COLA) rise, official SSA estimates for retirees in 2024 are $1,907 for single filers and $3,303 for married couples filing jointly.
According to the government, a retiree who turns 70 in 2024 may be qualified for a monthly payment of up to $4,873. If someone were to retire at the full retirement age of 67 years old, the maximum payment would be $3,822.
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The recipients’ dates of birth determine when payments are distributed. On the second Wednesday of every month, those born between the first and the tenth get their payout.
To ensure a fair distribution of cash, checks for individuals born between the 11th and 20th are sent on the third Wednesday, while payments for those born between the 21st and the 31st are supposed to be sent on the last Wednesday of the month.
