If you’re 62 years old or older and have not yet received your Social Security payment for September, you may be eligible for a payment of up to $2,710 to $4,873.
Many retirees receive their next deposit on September 25, depending on when they were born. Here’s a detailed breakdown of what you need to know about upcoming payments and how to maximize your benefits.
Who Qualifies for the Next Social Security Payment?
To qualify for Social Security benefits, you must meet certain age and work history requirements:
- Age Requirement: You must be at least 62 years old to apply for retirement benefits.
- Work History: You need to have earned at least 40 work credits, which is approximately 10 years of work.
At 62, you can begin collecting Social Security, but you will face a 30% reduction in your monthly benefits.
On the other hand, if you delay filing until age 70, your benefit amount increases by 24%. The choice to file early or wait depends on whether you prefer smaller payments now or larger payments later.
Payment Schedule for September 2024
Social Security payments are distributed based on your birth date. Here’s how the September 25, 2024 payment works:
- If you were born between the 21st and 31st of any month, your next Social Security payment will be deposited on September 25, 2024.
- If you already received your September payment earlier in the month (based on a different birth date), your next payment will be in October.
For those who qualify for both Social Security and Supplemental Security Income (SSI), the upcoming payment schedule is as follows:
- October 1, 2024: SSI payment.
- October 3, 2024: Retirement benefits.
If you started receiving benefits before May 1997, you will also receive your retirement benefits on October 3.
How to Maximize Your Social Security Payments
There are several ways to increase your Social Security benefits:
1. Work for 35 Years
Your Social Security benefits are calculated based on your highest 35 years of earnings. If you worked fewer than 35 years, the missing years are counted as zero, which reduces your average and, therefore, your benefit amount. If possible, aim to work a full 35 years to ensure the highest possible payout.
2. Earn the Taxable Maximum
To receive the maximum Social Security check—which is $4,873 for those filing at age 70 in 2024—you must have earned the taxable maximum for Social Security every year for 35 years. The taxable maximum for 2024 is $168,600.
If you consistently earned at or above this level throughout your career, you’re on track for the highest benefit.
3. Delay Filing Until Age 70
Filing for Social Security at age 70 allows you to receive delayed retirement credits, which increase your benefits by 8% per year after your Full Retirement Age (FRA). For example:
- Filing at 62 provides a maximum of $2,710 per month.
- Filing at Full Retirement Age (66 years and 8 months) gives you a maximum benefit of $3,822 per month.
- Waiting until 70 yields the highest possible payment of $4,873 per month.
4. Ensure Your Jobs Were Covered by Social Security
Only jobs covered by Social Security count towards your benefit calculation. If you worked in jobs not covered by the Social Security system, those earnings won’t contribute to your benefit.
Maximum Payment on September 25
As of September 25, 2024, Social Security payments will still reflect the current 2024 payment amounts. The 2025 Cost-of-Living Adjustment (COLA) will not take effect until January 2025, so the maximum payouts for September remain the same:
- $2,710 for those filing at 62.
- $3,822 for those filing at Full Retirement Age (66 years and 8 months).
- $4,873 for those filing at age 70 with 35 years of maximum earnings.
If you’re a retiree born between the 21st and 31st, your next Social Security payment will arrive on September 25, 2024. To maximize your Social Security benefits, consider working 35 years, earning the taxable maximum, and delaying your filing until age 70.
While the 2025 COLA won’t affect your September payment, you can still receive up to $4,873 depending on your work history and the age at which you file.
By understanding the timing and requirements of Social Security, you can make more informed decisions and maximize your benefits throughout retirement.
FAQs
When will 62-year-olds receive their Social Security payment?
If born between the 21st and 31st, you’ll receive your next payment on September 25, 2024.
What is the maximum Social Security benefit for those filing at age 62?
The maximum benefit for filing at 62 is $2,710.
How can I get the maximum Social Security benefit of $4,873?
To receive the maximum benefit, you need to file at age 70, have worked for 35 years, and earned the taxable maximum each year.
When will the 2025 COLA take effect?
The 2025 COLA will take effect starting in January 2025.
Can I receive both SSI and Social Security retirement benefits?
Yes, if eligible, you will receive SSI on October 1 and Social Security retirement benefits on October 3.
