Good news for those awaiting their Social Security checks: The administration will start distributing payments to eligible beneficiaries soon. The send-out day is set for June 14, with the average amount being $1,827. However, some might qualify for more. Just remember, if you apply for benefits early, your monthly sum may be reduced.
To qualify for the maximum benefits, you’d need to have a hefty income history. At 67, you could receive up to $3,627. So, a good number of eligible, high-earning workers will be reaping this sum. Want a top-tier Social Security payment? You’ll need to clock in a minimum of 35 years of work. The more you earn, the larger your retirement check. Reaching the maximum benefit base earnings is key.
Benefits at 62 can lead to a roughly 30% drop in your monthly Social Security benefits
Although opting for benefits at 62 can lead to a roughly 30% drop in your monthly Social Security benefits, it also means you’ll likely receive more checks in total. If you anticipate a long life ahead, you might want to hold off on retirement until 70. That way, you could be in for a whopping $4,555 – the highest possible check. Even if you don’t make it to 70, you’ll still enjoy a bonus 24% each month.
$3,500 in Social Security benefits:
Just to clarify, Social Security checks will be mailed on June 14 to eligible retirement or disability beneficiaries. To qualify, you need to be at least 62, have worked and paid Social Security taxes, and have applied for benefits.
One detail to remember is that you’ll receive your payment only if your birthday falls within the first ten days of the month. There are three similar payment groups, and they always receive their checks on Wednesdays.
Payments typically start rolling out on the second Wednesday of each month
Payments typically start rolling out on the second Wednesday of each month. So, you might get your money a bit earlier or later in the month, depending on the calendar. It’s vital information for planning your budget and anticipating when you’ll have the funds to cover loans, mortgages, and other expenses. Rest assured, Social Security won’t delay the second payment for long.
The second payment for those who started receiving Social Security after May 1997 (and don’t get Supplemental Security Income or SSI) is set for June 21, 2023. The possible amounts are the same as the previous payment, with the average0 retirement beneficiary getting around $1,827.
The top amounts are $3,627 for those aged 67, $2,572 for 62-year-olds, and $4,555 for 70-year-olds. To be eligible, your birthday must fall between the 11th and the 20th of the month. The third payment goes to those born after the 20th, and it’ll be sent on the fourth Wednesday, June 28.
If your payment seems delayed, hold off for three mailing days before contacting Social Security. The last payment of June will go out on the 30th for those receiving Supplemental Security Income. However, this sum isn’t for June; it’s advanced for July. SSA pushes payments forward if they fall on weekends or holidays.
Social Security Income (SSI) direct payment worth $914 arrives on June 30
Recipients of the Supplemental Security Income (SSI) program administered by the Social Security Administration can anticipate their second payment for the month of June, which will be issued in a little over two weeks and can reach a maximum amount of $914 for individual filers.
Scheduled for Friday, June 30, this payment will be the second disbursement for June, with the initial payment having been distributed on June 1st. The precise amount received by beneficiaries may differ based on their filing status, whether they file as an individual, jointly, or as an essential person. Individuals filing on their own are eligible to receive $914 per month, while eligible couples may receive $1,371.
The difference between SSI and regular Social Security
There’s an important difference to remark: The SSI payments are separated from the regular Social Security that are issued to retiree Americans. The SSI program offers monthly payments to adults and children with visual impairments or other disabilities and limited income.
To be eligible for SSI, individuals must be at least 65 years old, partially blind, or have a “physical or mental condition (or conditions) that significantly restricts their daily activities for a period of 12 months or longer, or is expected to result in death.”