FINANCE
The millions of retirees that will receive their Social Security payments this week
The average Social Security payment sent to retirees in April was $1,915. Those whose birthdays fall between these days will receive their check this week.
Each month, the Social Security Adminstration (SSA) sends millions of payments to beneficiaries, including retirees and their families eligible to receive benefits. 59 million people receive Social Security benefits, of which the vast majority, 50 million, are retired workers. This group receives the most valuable payment, with the average hitting $1,915.26 in April.
This week, the SSA will continue its distribution campaign of the May benefits, with those with birthdays between the eleventh and twentieth of any month set to receive their payments. For survivors, spouses, and children to receive benefits, their distribution is based on the birthday of the retired worker by whom they become eligible.
Last week, payments were made for those with birthdays between the first and the tenth, and next Wednesday, the SSA will pay those with birthdays between the twenty-first and thirty-first of any month.
June Social Security Schedule
- Supplemental Security Income (SSI): Friday, 31 May
- Social Security beneficiaries that also receive SSI and those who have been receiving benefits since before May 1997: Monday, 3 June
- Social Security (Birthdays between 1-10): Wednesday, 12 June
- Social Security (Birthdays between 11-20): Tuesday, 18 June
- Social Security (Birthdays between 21-31): Wednesday, 26 June
Poverty and Social Security
The 2023 poverty numbers have yet to be released by the US Census Bureau. Those from 2022 show that one in ten seniors live in poverty in the United States. In the US, the federal government places the poverty line for those over 65 at $14,610 for those living alone and $18,440 for two households. Ten percent of seniors are considered poor based on this indicator; it is extremely concerning as there could be millions more seniors with incomes just above this threshold, highlighting the challenges for seniors who rely solely on Social Security benefits.
The average payment amount and the median of $1,827 would put seniors living alone above this threshold, even in cases where a couple only receives one monthly payment. However, the annual income of $21,924 based on the size of the median payment is very close to the poverty line, and in cases where emergency expenses arise, covering them can quickly push households further into an extremely vulnerable position.