Retirees may not have received their Social Security payments in September. So, if you are 62 or older and have yet to receive your payment, your next direct deposit or check will most likely arrive on September 25.
62-year-olds who have achieved at least 40 labor credits are eligible to apply for Social Security. This is approximately ten years of work. However, they face a 30% drop. Late filing at age 70 can earn you an additional 24%. So you can choose whether you want more or less money.
The requirements for the next Social Security payout
Age is irrelevant as long as you are at least 62 and have received consent from the administration. What matters is the day you were born. This is how the Agency handles the final three installments of each month for retirees.
Thus, individuals born early in the month receive the money first. Those born between the 21st and the 31st will receive money on September 25, 2024. They will receive a new direct deposit or cheque in less than 24 hours.
Keep in mind that if you receive Social Security and Supplemental Security Income, your next payments will be on October 1 for SSI and October 3 for retirement benefits. Those who began receiving Social Security payments before May 1997 are also eligible for retirement benefits on October 3.
Maximum Social Security amount on September 25
Since the 2025 COLA increase will not take effect until January 2025, pensioners will continue to have the same maximum amounts. For example, if you file at age 62, you can only receive up to $2,710.
Those who file at Full Retirement Age (66 years and 8 months old in 2024) can get up to $3,822. However, the highest Social Security benefit in 2024 will go to people over the age of 70.
You might receive $4,873 from SSA. If you file at 70, and:
- Have worked for 35 years
- Have earned the taxable maximum all those years
- Had jobs covered by SSA
- Applied for retirement benefits and do not break any rules
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