Social Security benefits are vital for many Americans. The system, however, can be confusing and hard to navigate.
Fortunately, USA Today has put together some useful information for those with questions about their benefits. See some of the highlights below.
Maximum social security benefit in 2024?
How much will retirees receive in 2024? Well, that depends on the individual, their marital status, and their age at retirement. however, according to the USA Today article, most seniors could expect a maximum benefit of $2,710 drawing retirement at 62, or a maximum benefit is $3,822 at full retirement age.
Calculating your Social Security Income
It’s important to know how much you and or your family will receive in benefit payments this year. How do you find this information? It’s easier than you may think. Simply create an account on the Social Security Administration website and sign in here.
When are Benefits Paid?
Understanding how much you will receive is half the battle, but when will you get paid? That all depends on your birthday. Here’s a quick breakdown.
- Beneficiaries born between the 1st and 10th of the month receive their payments on the second Wednesday of the month. The first cost-of-living increase will appear on checks received on Jan. 10.
- Those born on the 11th to the 20th of the month will receive payments on the third Wednesday of the month and will see the first cost-of-living increase on Jan. 17.
- For beneficiaries born between the 21st to the 31st of the month, payments will arrive on the fourth Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 24.
There’s a lot more valuable retirement information in the full article. Read the whole 2024 guide here.
We support a bill we call the Elder Relief Act. If Congress passes this crucial legislation, Americans aged 82 and up will receive an additional $85 per month plus a yearly increase of 4 percent. This is the change our seniors need. check back soon for the latest updates on this crucial legislation.