Posted on 03/26/2023 6:55:59 AM PDT by george76
In 17 days, millions of retirees will receive the first round of April's Social Security Administration retirement payments, worth up to $4,555.
The first round, for those born between the 1st and 11th of a month, will be released on Wednesday, April 12. Three disbursements are released to retirees each month, but each person only receives one payment that coincides with the 10-day block of the month in which they were born, according to the SSA's schedule.
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The amount of money each recipient gets depends on the recipient's age at retirement. The highest payment is worth $4,555 per month, and it goes to people who retired at 70. Recipients who retired at 67 receive a maximum check of $3,627, and anyone who retired at 62 gets up to $2,572, according to the SSA.
The second round of payments will be released on April 19, and it will be for those born between the 11th and 20th of a month. The final payment for April will be disbursed on April 26 and will be for people born between the 21st and 31st of a month.
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The current age of retirement is 67, but people can take early retirement at 62 or delay retirement until 70. People could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Discussions on the future of Social Security have been ongoing in Congress for years, and a pair of bipartisan senators recently proposed raising the retirement age to 70.
yea but think of all the money going toukraine, welfare ssi money to foreign countries.. and wasteful programs big ncrease for congress, to bad they dont put a higher priority on paid ss benefits
Maybe it is just a restatement of procedures used by SSA. Or the “journalist” don’t know squat, and thought it was newsworthy.
Nobody deserves 4555 a month for social security. No wonder we’re going bankrupt. People working don’t even get that much to live on. I hadn’t realized how huge the checks were. No wonder people start at 62. I’m 54 and can collect in 8 years. Over 4 grand a month will be awesome next to my military pension. No wonder the elderly are in such great financial health especially the ones around my area.
The average monthly SS payment to retirees is $1693.00 per month. Don’t believe the hype.
Nobody else is reporting this except Washington Examiner.....You would think dems would be all over this taking credit
Others say to start collecting at 70 so you have your largest possible check (how would you know if you live that long?).
I think best best is to retire at FRA (now 67 for most).
Someone ran a thread like this a few years ago - nothing happened. No one got extra money.
What if you were financially secure. Have plenty of money (over 3 million )to last your lifetime or longer would you go ahead and start taking it at age 62.
Once you hit 67 (or FRA) then your income will have no bearing on your Social Security check. That makes the most sense for me.
If however, I decided to stop working between now and 67, taking that check might make sense, even if it is smaller than if I had waited.
Yes take the SS at 62, it’s a no brainer if you do the math. The best reason other than you need it is to take your benefit at 62 if you DONT need it.
A fairly decent earner might receive a $2000 benefit at age 62, or a $2700 benefit at age 67. In the 5 years between these ages you would receive $120,000 by taking it at 62. (60 months x $2000 = $120,000). You would still receive your $2000 starting at 67 plus another $700 a month if you wait. It will take over 14 years for you to make up the $120,000 you didn’t take early. (171.43 months x $700 = $120,000). 171.43 months is 14 years plus. This math works with any benefit amounts. Give me the money now!
WTH? Why is this newsworthy? Why is it different than what happens every month?
Not clicking.
That story sounds very familiar.
The one that would send me over the roof was when people learned I was self-employed and said, “Oh, that must be nice being able to take vacation anytime you want to.” Supreme dolts. Just simply stupid.
Why is this being sent above and beyond my usual?
No, if I took it now I would lose my food stamps and beer cash.
I waited until 70 to collect—but my situation was a bit unusual:
—My parents lived to well into their nineties so if I avoid fast moving trucks I have an above average chance of living that long as well
—My wife makes a lot less than I did so I wanted to maximize her benefit which will be based on mine.
—I could afford to wait due to 401K funds that were available.
Every person’s situation is different—there is no “one size fits all” correct solution.
Just like people without kids who have to pay for public education. And people who never have a fire or are never the victim of a crime, but have to pay for fire and police departments. And people who will never go to space but have to pay for NASA, etc, etc.
WTF.. this is normal SS retirement dispersant and this is news WHY
There are normal services which people need on a regular basis, such as fire department and schools and law enforcement, and people actually get those benefits. With social security, it’s meant to be a ‘retirement’ fund, which you expect to receive after retirement from the work-force. So, your comparisons are not quite the same. People get police service and fire department service and school service, before they retire.
NASA is not an everyday service, but, there are many benefits which have come from the space program, and no doubt, we would not have a lot of technology which came from NASA’s efforts in space.
But, SS is not the same kind of service, and you only get that benefit when you retire. You get those other services you mentioned while you are actually in the work-force. Those who die early before even the first SS payment, all contributed for basically nothing. If 1/3 of contributors die before they get any kind of benefit, all of that money will have just been taken from them. It’s not a pension-type program where your money goes to you or your family. SS is a government program and you don’t have any rights or decisions to make that keeps that money from the government’s hands.
I mentioned the story ro a guy I knew about 11-12 years ago. He remembered the band name right off. Eventually I watched the FF episode again. That last name always stuck with me. I also remembered that it was around St Louis.
It’s about 25000.
I’ve learned a lot having to take care of my moms finances.
My mom has to pay. My aunt and uncle no.
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