Every month, the Social Security Administration (SSA) gives millions of dollars to people who are entitled to them. Most of these people are retirees. The SSA does help people with disabilities and people who have little to no money or resources, though. Some people who get help from the SSA get help from more than one of these funds. Out of the roughly 70 million people who are eligible, some will get $5,000 this month, as long as they meet the requirements.
The SSA has a strict payment plan.
For the SSA, payments must be made on time and in no other way. Not only does it make making payments easier for the people who work in administration, but many SSA recipients depend on their payments alone to cover their monthly costs. Because of this, the SSA’s main goal is to “never miss a payment.” This has been their motto since the beginning, even during World War II.
One of the main ways that the SSA makes their monthly payments is by following this schedule:
- The second Wednesday of every month: people born between the 1st and 10th of the month.
- The third Wednesday of every month: people born on or after the 11th or 20th of the month.
- People born between January 21st and December 31st are born on the fourth Wednesday of each month.
But some receivers are not subject to this scheduling. Supplemental Security Income (SSI) benefits are paid out on the first of every month if you don’t get retirement benefits. If you get both SSI and retirement payments, on the other hand, you get paid on the third of every month. People who started getting their retirement benefits before May 1997 are also paid on the third of every month, no matter what date they were born.
Who will receive $5,000 from the SSA this month?
Based on the Social Security payment plan, the next round of payments will be sent to people born between July 11 and July 20 on July 16, which is next week’s Wednesday. Some of these people will be getting the most money possible from Social Security, which is $5,108. But not everyone is eligible for these highest payments. The SSA pays about $2,000 a year to each recipient as retirement payments.
People who get the most money from the SSA are able to do so because they meet these requirements:
- They didn’t start getting their retirement benefits until they were 70 years old.
- They’ve worked for at least 40 credits.
- They paid into Social Security for at least 35 years of work.
The most important thing here is that you didn’t start getting benefits until you were 70 years old. You can start getting retirement benefits as early as age 62, but the SSA gives people who wait longer bigger payouts if they do.
Is it possible to get more money from SSA?
If you are not already getting the most from your Social Security retirement benefits, you may be thinking how you can get more. At the moment, you can’t get more perks after you’ve already claimed them. The cost-of-living adjustment (COLA) figure is the only way that benefits are raised every year. It is applied to all SSA benefits every year to make sure that recipients can keep up with the cost of living and keep their purchasing power.
On the other hand, you don’t have to wait until you’re 70 years old to make sure you get the most benefits if you haven’t already claimed them. One less well-known trick is to claim spouse benefits at different times. You can also get these perks even if you are divorced. If you and your ex-spouse were married for at least ten years before you got divorced, you can still get spousal benefits.
