May 25, 2024

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Social Security: Beneficiaries and payment amounts for Friday, May 3 | composition

Social Security: Beneficiaries and payment amounts for Friday, May 3 |  composition

To receive a pension in the United States, you must have contributed to Social Security throughout your working life and meet certain rules, such as the number of annual credits. If you are one of the 68 million Retirees of the United States Social Security Administration (SSA), you should know that on Friday, May 3, a group will be paid. Find out who can receive and the maximum amounts that can reach $4,873.

In addition to the 7.5 million Supplemental Security Income (SSI) beneficiaries due May 1, the SSA makes 12 annual payments to retirees, survivors, and Social Security Disability Insurance (SSDI) beneficiaries.

Nine in ten people age 65 and older were receiving Social Security benefits as of December 31, 2023, according to SSA data as of December 31, 2023. This 2024, COLA is paid at 3.2% to address inflation. and guarantee the purchasing power of social security benefits.

Who Will Pay Social Security on May 3, 2024?

Payments on Friday, May 3, are for those who retired before May 1997, according to the Social Security Administration's schedule. Survivors and beneficiaries of Social Security Disability Insurance (SSDI) must also make a deposit.

  • May 3: Fee applicable to those retired before May 1997.
The United States Social Security Administration provides retirement and other benefits such as SSI (Photo: AFP)

Note: Same payment date applies to retirees and Survivors and Disability Insurance (SSDI) beneficiaries.

How much is the fee for retirees on May 3, 2024?

Although a retirement pension provides peace of mind, it does not completely replace income when a person reduces their hours or stops working altogether. The Social Security Administration The value of deposits or checks varies significantly because they are directly related to retirement age and contributions throughout one's working life. Find below the amounts for May 3, 2024 as per the time of retirement:

  • The average payment for a retiree is US$1,907.
  • Early retirees at age 62 receive a maximum of US$2,710 per month.
  • For those who retire at age 67, their monthly payments will be up to US$3,822.
  • Those who delay retirement until age 70 can get it Maximum monthly payment up to US$4,873.
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More information on Social Security

What is SSA?

The United States SSA (Social Security Administration) is a federal government agency that administers social insurance programs in the United States.

What is Social Security in the United States?

Social Security in the United States is a social security program administered by the federal government. Its primary objective is to provide economic benefits to deserving individuals.

Who benefits from social security?

  • rest
  • Disability
  • Survival

Who cannot receive pension payments?

The United States Social Security Administration provides benefits of up to US$4,822 per month to 66 million retirees. However, not everyone is eligible to receive payments even after reaching full retirement age. Because? Among other reasons, insufficient number of credits. Similarly, certain government and railway employees are also off the agency's radar.

Thousands of Americans benefit from monthly Social Security checks (Photo: AFP)