Check your bank account next week if you are eligible for retirement, survivor, or disability benefits from Social Security. The agency in charge of them has stated that they will be sending you a new payment.
According to the Social Security payment schedule, people who were born between January 1st and October 10th and are eligible for retirement, survivor, and disability insurance (RSDI) and claimed benefits after May 1997 will get their monthly checks on the second Wednesday if they were born between those dates.
In addition to these requirements, beneficiaries must have met other requirements in the past, such as reaching full retirement age, building a reasonable work history, contributing to the system while working, and providing medical records, especially for those seeking Social Security Disability (SSDI) benefits.
The new Social Security payment will reach bank accounts next Wednesday
People who have worked and paid into Social Security for at least ten years can start getting payments early, when they turn 62. You could also wait to get these benefits until you turn 70, or you could get them at the full retirement age of 67.
Putting off getting Social Security benefits until age 70 makes it more likely that disabled people and seniors will get bigger payments. Couples may also be able to get regular benefits based on how much they or their partner have earned in the past.
For instance, a separated person who was married for at least ten years and hasn’t remarried may be able to get benefits based on their ex-spouse’s work history. Children of retired workers who are disabled or in school can get benefits until they turn 18.
If the child is not the worker’s own, the child can get benefits until they turn 16. SSA rules say that if you meet the above requirements and were born between the first and tenth months of your life, you could get the following amounts of money:
- Beneficiaries who collected benefits before the full retirement age may get a Social Security payment of up to $2,710.
- Beneficiaries who received benefits at full retirement age can expect to receive a Social Security payment of up to $3,822.
- Beneficiaries who decide to delay benefits until the age of 70 will receive the maximum Social Security payment of $4,873.
People who want to get disability funds must first show that they are blind or disabled, have a disability that has kept them from working for at least one year, or are in danger of dying.
People who want to apply must not be doing substantial gainful activity (SGA) and must have worked and paid Social Security taxes for at least five of the last ten years. Some things are different. For instance, if you are younger than 24, you might not have to have worked during that time.
Also, it’s important to keep in mind that disability payouts might not cover all costs, so people who are applying may need to look for other ways to make money. Also, they must meet Social Security’s definition of disability, which includes having major health problems or a high chance of dying. Based on SSA rules, these are all the amounts of money that orphans and disabled people can get:
| Social Security payment amounts | Survivors benefits | SSDI benefits |
| On average | $1,505 | $1,537 |
| Other payments | Individual: $1,773
2 children: $3,653 |
Blind recipients: $2,590
Maximum payment: $3,822 |
Some beneficiaries will get less money this month
In September, nine states will add new income taxes on Social Security recipients because of changes in state tax laws. This will make things harder for seniors. Starting this month, millions of seniors may see their pay go down, which could put their financial security at risk as costs and inflation rise.
More taxes on Social Security would hurt retirees the most in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia.
Due to the different ways that each of the nine states handles its money, these changes were necessary. State income taxes can cut a retired worker’s general Social Security payment by a large amount. The Social Security Administration has to make these cuts to make sure the system is fair and sustainable across the country.