By Arlenys Tabare
Every month, the Social Security Administration (SSA) distributes payments to retirees who filed for retirement after 1997 in three rounds with amounts up to $5,000.
According to the payment schedule, for this month the first retirees to receive their money will be those born between the 1st and 10th of each month; It is up to them to collect next Wednesday, May 13.
The following week, the payment will be allocated to retirees born between the 11th and 20th of any month; The exact date of your payment will be Wednesday, May 20 and, finally, on Wednesday the 27th, retirees born between the 21st and 31st of any month will receive their benefits.
How much is the amount of SSA payments?
Although there is an average amount of $3,000 for retirees retired at age 65, however, those who advance their retirement to 62 years of age 30% is deducted from their benefit and they receive $2,000 every month, while those who delay their retirement until age 70 receive the maximum amount of $5,000 monthly.
How do you receive Social Security money?
Previously, Social Security sent payments to beneficiaries via paper checks; However, since the middle of last year it has made changes to its policies, determining that the payment methods will be by direct deposit to a Utter Categorical card or bank account of the beneficiary. This has become the most practical, fastest and safest option to receive social benefits, since it avoids errors and delays.
Keep reading:
- More than 30% of households in the US have enough income to be considered upper middle class
- Survey reveals what is the “magic amount” that Americans aim for in their retirement savings
- Is it worth retiring at 62? These are some aspects you should consider
