If you’re 66 and eagerly awaiting your Social Security payment in August, here’s what you need to know. The Social Security Administration (SSA) is committed to delivering payments on time. However, this month, payments will be slightly delayed compared to July.
The second round of payments will start on August 14, four days later than the July schedule. But rest assured, all payments will be sent on time, and the SSA advises reporting a missing payment only after waiting for three mailing days.
Schedule
Social Security payments in August are structured based on birthdates. Whether you’re 66, younger, or older, the first payment will arrive on August 14 if you haven’t received benefits before May 1997 and aren’t receiving Supplemental Security Income.
For those aged 66, here’s a breakdown of the August payment schedule:
- August 14: For birthdays from the 1st to the 10th
- August 21: For birthdays from the 11th to the 20th
- August 28: For birthdays from the 21st to the 31st
Eligibility
To receive the payment on August 14, you must meet specific criteria. This includes not having received benefits before May 1997 and not receiving Supplemental Security Income (SSI). The SSA ensures that all eligible recipients with birthdays from the 1st to the 10th will receive their payments on this date.
Maximum Payment
The maximum Social Security payment for those aged 66 and 8 months in August is $3,822. This amount represents the highest retirement benefit at Full Retirement Age. Filing early, at age 62, significantly reduces this amount. For instance, a 62-year-old can receive a maximum of $2,710, whereas waiting until 66 years and 8 months could net up to $1,112 more monthly.
Delaying Benefits
Delaying your retirement benefits can increase your monthly payments. Those who delay until age 70 can receive up to 24% more. High earners who worked for 35 years and filed at 70 can get up to $4,873, a substantial increase compared to those who file at 66.
Average Payments
The average Social Security payment for retirees in August is $1,918. For those specifically aged 66, the average check is about $1,740, according to SSA data.
In conclusion, while there is a slight delay in the Social Security payment schedule for August, the SSA ensures that all payments will be made on time. Knowing the payment schedule and the benefits of delaying retirement can help maximize your Social Security benefits.
FAQs
When will the August payments arrive?
August payments will arrive on the 14th, 21st, and 28th based on your birthdate.
What is the maximum payment at 66?
The maximum payment for those aged 66 and 8 months is $3,822.
How much does early filing reduce benefits?
Early filing at 62 can reduce the payment to a maximum of $2,710.
What’s the average payment at 66?
The average Social Security check at 66 is about $1,740.
When should I report a missing payment?
Report a missing payment after waiting for three mailing days.