The United States Social Security will send the corresponding payment to its beneficiaries on Wednesday, October 25. On this occasion, those born between the 21st and 31st of their respective months will receive $1,800.00 USD. When we talk about installments, the Social Security Administration (SSA) issues about $70 million in direct monthly payments. Most of the beneficiaries are workers who are no longer actively employed.
The payment schedule is regulated based on the birthdays of the beneficiaries. Here, the exception is for those who retired before May 1997. For example, those born between the 1st and 10th of any month will receive their budget on the first Wednesday. Meanwhile, those born between the 11th and 20th will receive payment on the second Wednesday.
Finally, those born between the 21st and 31st will receive their income on the third Wednesday. In some cases, payments are also sent on the last Wednesday of the month. The amount received depends on the particular condition of each worker.
Exact formula
The Social Security Administration analyzes, in this sense, the years worked and the salary. In addition, the taxes paid during those years are taken into account, as is the age of the beneficiary at the time of retirement. Thus, the specific amount that each retiree receives each month is established.
The SSA explained at the beginning of this year that the average payment for a retiree is $1,827.00 USD. However, there is an option to collect up to $4,555.00 USD if the person retires at age 70 or later.
On the other hand, Social Security recently announced an increase in the cost of living adjustment (COLA) for 2024. Registration will increase by 3.2%. This means that the payment of retirees will also increase from January next year.
