Elderly citizens born between the 11th and 20th of the month will receive the final wave of April’s Social Security payments on the 24th, according to the Social Security Administration’s regular payout schedule. Those born from the 21st to the end of the month can anticipate their payments on May 3rd. To avoid potential delays, it’s crucial that all banking details be up-to-date.
Looking ahead, the Social Security Administration expects to accommodate nearly 68 million U.S residents by 2024, including those 65+ and disabled individuals who qualify under the Old-Age, Survivors, and Disability Insurance (OASDI) program. Beneficiaries also extend to surviving spouses and children. By 2025, these numbers will likely surge in response to population growth and the greying trend.
In 2023, retirees made up the largest segment of Social Security beneficiaries, accounting for almost 78% of the total.
Social security payment scheduling and considerations
Substantial grants serve to supplement retiree income, and the amount received depends on several factors including the retiree’s age at retirement, total lifetime contributions, and length of the contribution period. The second largest group, about 14.5%, comprises people with disabilities, while widows, widowers, and their children make up the rest.
Seniors are advised to consider the caps on monthly payouts when planning their retirement strategy. For instance, those retiring at the minimum age of 62 stand to receive a maximum of $2,710 per month, while those retiring at the official age of 67 can get up to $3,822. However, waiting till the age of 70 to retire can significantly boost this monthly allowance to $4,873.
April 2024 Social Security payments will be made according to birth dates. Birthdays from the 1st to 10th will receive their payments on the second Wednesday, those from the 11th to 20th on the third Wednesday, and those 21st and beyond, on the fourth Wednesday. If payments do not arrive as scheduled, recipients should allow three additional mailing days before getting in touch with the Social Security Administration.
In the face of potential delays, the elderly are encouraged to stay composed, revisit their financial roadmap, and seek assistance from dependable sources. Remember, your patience and due diligence will be paramount during these times.
