Attention Retirees – If You Were Born on These Dates, Expect a New Social Security Payment This Week

The Social Security Administration (SSA) plays a vital role in ensuring retired workers across the U.S. can maintain a decent quality of life by providing monthly payments. These payments help retirees cover their living expenses and protect them against inflation. But how do you know if you’re eligible for these payments, and when can you expect to receive them? Let’s break it down.

Eligibility

Before you can start receiving Social Security payments, you must meet specific requirements. Firstly, you need to have earned enough Social Security credits during your working years. This generally means contributing to the Social Security system for at least ten years. Additionally, you should claim your benefits within a specific age range, known as your full retirement age (FRA). This varies between 66 and 67, depending on when you were born.

However, if you’re willing to start receiving benefits earlier, you can do so at age 62. But remember, this comes with a trade-off—your monthly payments will be smaller. On the flip side, if you hold off claiming your benefits until age 70, you’ll enjoy larger monthly checks, although benefits stop increasing after that.

Payment

The amount you receive each month depends on when you choose to start your benefits and your lifetime earnings. Here’s a general idea of what you might expect:

• At age 62 or before FRA: You could receive up to $2,710 per month.
• At full retirement age (67): You could receive up to $3,822 per month.
• At age 70 or later: You could receive up to $4,873 per month.

To receive the maximum payment, you need to have paid into the system based on your maximum taxable earnings for at least 35 years. This means if you haven’t consistently earned or reported high wages over that period, your benefits might be lower, even if you delay claiming them until age 70.

eligibility

It’s not just retired workers who can claim Social Security benefits. Spouses, divorced spouses, and even children may be eligible under certain conditions.

• Spouses: A spouse can claim benefits based on their own or their spouse’s earnings record. If your spouse’s benefits are higher, you might receive payments based on their record instead.
• Divorced spouses: If you were married for at least ten years and are currently unmarried, you could receive benefits based on your ex-spouse’s earnings.
• Children: If a retired worker’s child is a student or disabled, they may continue to receive benefits until they turn 18 (or 16 if the child is not the retiree’s own).

Payment Schedule

The SSA distributes payments according to a detailed schedule to manage the sheer volume of beneficiaries—over 71 million Americans. Here’s how the payments are generally organized:

SSI Recipients

• First of the month: Supplemental Security Income (SSI) recipients are the first to get paid, usually on the first day of each month. If the first falls on a weekend or holiday, payments are made the previous business day.

RSDI Beneficiaries

• Third of the month: Retirees, survivors, and disabled individuals who claimed benefits before May 1997 receive their payments on the third day of each month.
• Second Wednesday: For those who claimed benefits after May 1997 and were born between the 1st and the 10th, payments are made on the second Wednesday of the month.
• Third Wednesday: If you were born between the 11th and the 20th, expect your payment on the third Wednesday.
• Fourth Wednesday: Those born between the 21st and the 31st receive their payment on the fourth Wednesday.

For this week, those born between the 1st and 10th who meet the requirements can expect their payments between $1,900 and $4,873.

Navigating the complexities of Social Security benefits can be daunting, especially when trying to maximize your payment. Consulting a financial advisor or SSA expert can be beneficial, particularly if you’re aiming for the maximum payout.

FAQs