The third and final round of payments to retirees from the U.S. Social Security Administration (SSA) is expected this week with amounts that could reach $5,000 for some beneficiaries.
The month of August is already over, and with it the distribution of social benefits for retirees after May 1997 is divided into three rounds; the first payments were already sent between Wednesday 12 and 19.
In this case, the entity makes the payments depending on the date of birth of the beneficiaries; the last are those born between the days 21 and 31 of any month, corresponding to him, according to the calendar, to receive his benefit this Wednesday 26 August.
As for the amounts, the entity also established a certain amount for each beneficiary depending on their retirement age. Retirees at the age of 62 receive the minimum amount of $2,000 a month, as they lose 30% of their earnings when they retire in advance.
Retirees at the age of 65 receive $3,000 a month, which is equivalent to 100% of the benefit, while older adults who delay their retirement to the age of 70 receive $5,000 a month, more than 100% of the benefit.
According to the calendar, for the first week of September are scheduled payments to retirees retired before 1997 and benefits to insured to Supplementary Income Insurance (SSI), which, depending on their civil status, receive between $900 and $1,400 monthly.
Due to recent inflation data that put the rate at 3.4%, entities such as the Senior Citizens League, AARP or the Committee for a Responsible Federal Budget have estimated new adjustments to next year’s COLA Social Security cost of living, averaging between 3.5% and 3.6%.
In the face of price volatility, many older adults have been affected, as they consider that their monthly Social Security benefits are not matched with the high current inflation, so many opt for aid from social programs and reduction of their budgets to reach the end of the month.
