Latest Social Security News: Initial April payments totalling $4,873 set for distribution within a week
The content introduces the first wave of April’s Social Security payments, potentially reaching $4,873, aimed at high-income earners retiring at 70. For additional details, the article prompts readers to click “Read more…” to access further information. Based on the information provided, I would recommend exploring the IRS Publication 554 for the tax guide tailored for seniors, which may contain details on the taxable part of Social Security benefits. Additionally, for retirement planning and benefit calculation, visiting the SSA website at the specified URL can offer insights on applying for retirement benefits between ages 62 and 70 and understanding the current Social Security system. For a comprehensive understanding of Social Security benefits and how they work, the publication available at the SSA website link provided can be a valuable resource.
The first round of April’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the first group of retirees in less than a week.
The payment will go out Wednesday to beneficiaries born on or between the first and 10th of a month, according to the Social Security Administration calendar.
People born on or after the 11th of their birth month will receive their checks in one of two later disbursements, on April 17 or April 24.
The maximum amount a retiree can receive depends on certain factors, such as the amount they paid into Social Security, the number of years they paid into the program, and the age of retirement, which is the biggest factor.
The highest amount a senior who retires at 70 can get is $4,873 per month. People who retire at the full retirement age of 67 have a maximum benefit of $3,822 per month, according to the SSA. People who retire at the youngest age possible, 62, can only receive up to $2,710 a month.
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This year’s payments include a 3.2% increase compared to the monthly payments of 2023, which is part of the annual cost-of-living adjustment.
Not everyone will receive the highest amount, so a more personalized estimate of what each person can expect every month can be found via the SSA’s calculator.
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