$6000 Two Remaining Social Security Checks in May: Who is Eligible to Receive Payment in Next Two Weeks?
Who Gets $6000 in Social Security This May?
In May 2024, the Social Security Administration (SSA) is set to distribute two remaining payments totaling over $6,000 to eligible retirees and SSI beneficiaries. Retirees born between the 21st and 31st will receive their benefits, with average monthly payments of $1,900, though amounts vary based on individual circumstances. Additionally, an extra SSI payment will be made on May 31 due to payment scheduling policies, benefiting those with enabled Direct Deposit and approved applications.
What is the average monthly benefit amount for retirement workers, and how does this amount vary among different beneficiaries?
The average monthly benefit amount for retirement workers in May 2024 is approximately $1,900. However, this amount can vary significantly based on several factors related to the specific circumstances of each beneficiary. For instance, seniors who chose to claim their benefits at age 62, before reaching their full retirement age (FRA), can receive a maximum of $2,710. Conversely, retired workers who defer claiming their benefits until they reach full retirement age have the option to receive up to $3,822. This variation in payment amounts reflects differences in individual work histories, the age at which beneficiaries choose to start receiving payments, and other personal factors that influence the calculation of Social Security benefits6.
How many Americans currently receive monthly benefits from Social Security, and what proportion of these are retired workers and their dependents?
Nearly 68 million Americans currently receive monthly benefits from Social Security6. Out of these, approximately 53 million beneficiaries are retired workers and their dependents, which constitutes the majority of the total recipients. This demographic primarily includes seniors who rely on these benefits to help meet their basic needs and enjoy their retirement years.