In 13 days, claimants will get the first of three rounds of Social Security retirement payments for April, which could total $4,555.
On Wednesday, April 12, the first installment of April’s payouts will be distributed to retirees who were born between the first and tenth of the month.
April Social Security Benefits
A week later, on April 19, the second wave will be distributed for people born between the 11th and 20th of a month. On April 26, the final wave will be delivered.
According to the Social Security Administration’s timetable, it will be for people who were born between the 21st and the 31st of a month.
The 10-day period of the month that the beneficiary was born falls on the date when each payment is distributed.
Depending on their age upon retirement, each beneficiary receives a different amount of money. For those who qualified and retired at age 70, the maximum benefit is $4,555 per month.
According to the SSA, recipients who retired at 67 can receive a maximum payment of $3,627 and those who retired at 62 can receive a maximum check of $2,572.
In the event that Congress does not decide how the program will be funded by 2037, recipients may notice a reduction in their payouts.
Congress has been debating Social Security’s future for years, and two senators from opposing parties recently suggested raising the retirement age to 70. Currently, the retirement age is 67, however, individuals have the option of retiring at 62 or 70.
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How Benefits Are Determined?
Furthermore, Social Security benefits are dependent on a beneficiary’s lifetime earnings; once they reach FRA, or full retirement age, they can collect 100% of their benefits; those who begin claiming benefits before that cannot obtain retroactive payments.
FRA, or full retirement age.
Depending on the beneficiary’s year of birth, the full retirement age, or FRA, varies. Social Security benefits begin to be paid the month after your birth.
For those who wait to apply for Social Security benefits after their FRA is met, retroactive payments of up to six months of benefits are possible, with the maximum retroactive payment remaining at six months for those who wait longer.
It used to be possible for anyone who delayed taking their benefits after reaching full retirement age to obtain retroactive payments for the entire time they delayed taking them, but Congress eliminated that option in 2016.
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