There is good news for retirees who were born between the 1st and the 10th, as they will receive a new Social Security payment this week. The confirmed Social Security payment worth $1,900, on average, will be specifically for those retirees who claimed benefits after May 1997, since those retirees who claimed before that date already got their check on the 1st of March.
The Social Security payment amount determined for retirees varies significantly depending on when they begin receiving benefits. If they reach full retirement age in 2024 and retire, they will receive the maximum benefit of $3,822. The maximum compensation for working adults who retire at age 62 is $2,710, but if they want to retire at age 70, their monthly payment will rise to $4,873. Time is therefore one of the most important considerations for retirees’ future Social Security benefits.
To help people in the United States financially, the Social Security Administration (SSA) is in charge of many additional programs, such as the Social Security Retirement Benefits program, Supplemental Security Income (SSI), and Social Security Disability Insurance (SSDI). Keep in mind that the SSI benefits are distributed on the first day of the month, while the SSDI benefits have the same delivery methodology as the retirement program.
Social Security payment schedule for April
The confirmed Social Security payment dates for the upcoming month are displayed in the following table. Please remember that if your check doesn’t arrive on the scheduled payment date, citizens should wait at least three mailing days before contacting the Social Security Administration (SSA). To get detailed information regarding the Social Security schedule, please check the Schedule of Social Security Benefit Payments 2024.
| Social Security Financial Programs | Date | Payment date |
| SSI benefits | April 1st (Monday) | Payment always falls on the first of each month. |
| Retirement benefits (Retirees who applied before May 1997) | April 3rd (Wednesday) | Payment is sent on the third of each month. |
| Retirement and SSDI benefits | 2nd Wednesday (April 10th)
3rd Wednesday (April 17th) 4th Wednesday (April 24th) |
Day of birth: 1st – 10th.
Day of birth: 11th – 20th. Day of birth: 21st – 31st. |
Having a retirement savings plan is crucial
As the Social Security Administration’s (SSA) annual Social Security statistics stated, an estimated 182 million workers will be employed in OASDI-covered jobs in 2024, yet 31% of the private sector workforce lacks private pension coverage, and about two-thirds (63%) of workers report they are currently saving for retirement. Therefore, having an employer-sponsored retirement savings plan is a key factor in whether Americans save for retirement. Only 16% of those without access to an employer-sponsored plan said they have any retirement savings.
Starting early in retirement planning is critical for compound interest to accumulate over time. By using retirement calculators, you can plan your retirement lifestyle and estimate the income required to support it. In addition, you can take advantage of employer-sponsored plans such as 401(k)s and 403(b)s, which frequently provide matching contributions. If your employer does not provide a retirement plan or you want to save more money, consider opening an IRA, and also remember to set up automatic contributions to your retirement accounts to help you save more in the long run.
Additional advice to plan your retirement
- Invest wisely by selecting investments that match your risk tolerance and time horizon.
- Diversify your investments across asset classes to mitigate risk. Regularly review and rebalance your portfolio as needed.
- Continue to learn about investing and retirement planning by using resources available online, in libraries, or from financial advisors.
- Consider making lifestyle changes to free up more money for savings, such as reducing unnecessary expenses or increasing income through side hustles.