BIG UPDATE: Social Security confirms new direct payment of up to $2,710 to these Americans within 4 days
Not all retired workers qualify for the same amount from the Social Security Administration (SSA). For example, 62-year-olds can receive a reduced monthly payment of up to $2,710.
Payment Details for September
Social Security has confirmed the upcoming payment schedule for September 2024. Eligible retirees and SSDI (Social Security Disability Insurance) recipients will have two possible payment dates. If you do not qualify for payments in September, your next payment will be issued in October 2024.
Payment Dates:
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- September 18: For those born between the 11th and 20th of the month.
- September 25: For those born between the 21st and 31st of the month.
If you are 62 years old and qualify, you may receive up to $2,710 in September. If you have already received this payment, your next check or direct deposit will be in October 2024. For example, payments could be issued on October 3 for individuals who started receiving benefits before May 1997 or those receiving both SSI and retirement benefits.
Impact of Delaying Retirement on Social Security Benefits
Delaying the start of Social Security benefits past your full retirement age can significantly increase your monthly payments. Here’s how it works:
Benefit Increase for Delayed Retirement:
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- For those born between 1943 and 1954, the full retirement age is 66. Benefits increase by 8% for each year you delay claiming benefits, up to age 70. After 70, no further increases apply.
- You earn delayed retirement credits at a rate of 2/3 of 1% per month for each month you delay past full retirement age.
For example, if your full retirement age benefit is $1,000 per month at age 66, waiting until 70 would increase it to $1,320 per month. This higher benefit amount is locked in for life and will also be used to calculate future Cost-of-Living Adjustments (COLAs).
Considerations for Delaying Benefits
- Fewer Payments but Larger Amounts: Delaying benefits means you will receive fewer checks over your lifetime, but each payment will be larger. The total benefits received are generally similar whether you claim early, at full retirement age, or at age 70. However, if you live longer, waiting can result in more total benefits.
- Breakeven Point: The typical breakeven point is around 12-14 years after full retirement age. To benefit from delaying, you generally need to live into your early 80s.
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