For Many Oldsters, This Week’s Check Can’t Come Soon Enough
The cash we receive monthly from Social Security isn’t just money going into our accounts — it’s the difference between keeping pace with monthly expenses and lagging behind financially. This Wednesday, May 28, the last installment of May Social Security disbursements will go out to those who are of retirement age and born between the 21st and 31st of the month.
If you haven’t got your May payment yet and your date of birth is in the last part of the month, then your money is already on the way.
It’s Our Mainstay — And Time Is Of The Essence
There are so many of us that shape our lives according to these checks’ dates–from medicine deliveries and grocery shopping to even bill payment. Even though the prices at the pharmacy and the produce aisle are still up, we need to be careful with our money — time is our ally, and we need to save every penny.
The Social Security Administration allocates the payments they make to the beneficiaries of the program on a monthly basis to three groups of the population in the following way:
- 1st–10th: Payouts made May 14
- 11th–20th: Sent May 21
- 21st–31st: Coming May 28
Those of us in the last category are still left to wait and, wide-awake, they are closely checking the calendar to be sure of the date.
What Amount Will You Be Paid?
Well, your payments will depend on: your earnings while you were working, the number of years you contributed to the Social Security system, and the age at which you chose to become a pensioner. Some of us, who have postponed until the age of 70, are now getting a full monthly payment — up to $5,108. However, the typical retiree only collects around $1,900 per month.
You, therefore, who have started taking your pension benefits at the age of 62, can reckon with only approximately $2,831 per month.
No two circumstances are the same, yet the one fact that rings a bell is that we are all as one with depending on Social Security. However, the truth is that, with rent and food costs ascending, it does not have the same impact on our finances as it used to.
Worry Grows as our Payments are still in Peril
It’s almost as if it’s the only news these days. The most common statement lately is about the 2034 date for the Social Security Trust Fund to be depleted if nothing is done by Congress. It is really too close to be just 9 years from now.
The news is making, probably all of us, uneasy. We had to pay the social fund for years and in return, we were made to expect that the fund would be paid out to us. Now we are thinking maybe the next generation won’t even get the money or receiving very little of it could be one huge if our checks should be trimmed.
Will the Social Security Allowance Still be Increased?
Those who have not retired yet can still do their monthly payouts well if they make the right decisions. They can opt to retire later, work for more years or grab a better-paying job where they work for the last few years thus, they will have a rise in the amount to receive monthly. But those of us who are already old can no longer choose any one of those options as they belong to the past.
However, this social security online tool can help with the calculations for the future and you are also welcome to try it if you are sure about your timeline for the timely filing.
Old-Time Retirees of the US Have a Final Say
Most of the time, the checks we get are not merely a source of income — they are our security. They are the symbols of our lifelong sacrificed fruits. On payday, it’s not about receiving our money, but also, it is watching whether the program keeps its pact.
The Congress is probably making ready for the last message that will come next Wednesday, so if they listen to us, all we want to make sure, please delivered us the benefits we served all our life, nothing more, nothing less and in a timely manner.
