East Africa News Post

Complete News World

Social Security, May Calendar: Fee Schedule |  2024 |  |  composition

Social Security, May Calendar: Fee Schedule | 2024 | | composition

The Social Security Administration The United States Administration (SSA) begins its new round of monthly payments May 1 to $75 million for Supplemental Security Income (SSI), retirees, SSDI and survivors. If you are waiting for payment for the fifth month of the year, I will let you know the dates and average amounts depending on the type of beneficiary.

A total of six payments are due in May, which will be deposited to 7.5 million beneficiaries of Supplemental Security Income (SSI) and more than 68 million retirees, survivors and disability insurance (SSDI) beneficiaries. .

Besides SSI, to be a beneficiary, you must have contributed to Social Security throughout your working life and meet certain rules, such as the number of annual credits. You should know that retirement pension replaces only part of the income when a person reduces his hours or stops working altogether.

Schedule of Social Security payments in May 2024

In May, the Social Security Administration will make six payments, five of which relate to the fifth month of 2024 and the last one established in its annual schedule in June.

  • May 1: Paid to beneficiaries of Supplemental Security Income (SSI).
  • May 3: This fee is applicable to those who submitted pension application before May 1997.
  • May 8: Payable on the second Wednesday of every month to those retired after May 1997 and born between 1st and 10th of any month.
  • May 15th: On the third Wednesday of every month they pay pensioners after May 1997 and those born between 11 and 20 of any month.
  • May 22: Payable on the fourth Wednesday of the month for those retired after May 1997 and born between the 21st and 31st of any month.
  • May 31st: Payments are made to Supplemental Security Income (SSI) beneficiaries for the month of June.
See also  If your deportation has been revoked and you are seeking asylum in the US, there is a new form starting this Monday
2024 Fee Schedule (Photo: SSA)

Amount of Supplemental Security Income (SSI) payments

Below are the average amounts that beneficiaries of the SSI scheme will receive for the year 2024. .

  • Average per capita payments: US$943
  • Average charges per couple: US$1,415
  • Essential Persons: US$473

Payment for retirees on May 3, 2024

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. Below, find the amounts for May 2024 by retirement time:

  • Average pay of a retiree: US$1,907.
  • Payment to early retirees at age 62: They earn a maximum of US$2,710 per month.
  • For those who retire at age 67: Your monthly payment could be up to US$3,822.
  • Those who delayed retirement until age 70: They can get a Maximum monthly payment up to US$4,873.

Fees for SSDI beneficiaries in May 2024

Your monthly SSDI benefit amount is based on your average lifetime earnings from Social Security. As stated therein These are the amounts for May 2024:

  • Average Check: US$1,537
  • Maximum charge for 2024: US$3,822
  • People with blindness: US$2,590.
  • Trial work period: US$1,110.

Maximum payment for survivors

There is a limit to the monthly benefits that can be paid to you and other members of your family. The range of the deceased person’s benefit amount is 150% to 180%. By 2024, the Amounts range from US$1,500, US$2,166 and US$2,825 and more.

More information on Social Security

What are Social Security credits, how are they calculated and how many people need to access the pension?

Did you know that the Social Security system in the United States is a step before your retirement from the workplace? These are credits, a type of accounting unit earned as the years progress as you work and pay your taxes on time. How are these credits calculated and what are the requirements to access this benefit?

See also  Only a few days left to claim the $971 incentive check in the United States

What is the average SSA fee by state?

Although not all states pay the same amount, Social Security payments are approved and controlled by the Joe Biden-led federal government. Thus, the amount may vary depending on various factors for each member, such as retirement age, earnings history, Social Security credits, as well as marital status and list of dependents. For example, you pay $1,467 in Alabama and $1,480 in Alaska, but how much does each state get?