Are you ready for an exciting update from the Social Security Administration? In just a few days, new checks will be sent out to retirees born in 1962, as well as to all other beneficiaries who meet specific requirements. While it’s not compulsory to be born before 1962, you do need to satisfy two key conditions set by the SSA.
To qualify for these new checks, you must meet the following criteria:
- Fulfill the two requirements established by the Social Security Administration.
- Be a beneficiary of Social Security.
If you meet these conditions, you can look forward to a bigger direct deposit than last year, thanks to the Cost-of-Living Adjustment (COLA). For 2024, the COLA was set at 3.2%, making the July payment larger than last year’s July payment. This means more money in your pocket without any extra effort on your part.
The best part? You don’t have to lift a finger to qualify for this increase in your Social Security retirement payment. Simply have a check from the Social Security Administration accepted, and you will automatically get the increase. It’s really that simple!
What is more, the next Supplemental Security Income (SSI) payments will include this benefit increase. So, whether you are receiving Social Security retirement payments or SSI, you’ll see a boost in your benefits if compared to the 2023 payments in July. The 2025 COLA figure will be released on October 10 though.
Are you curious about the upcoming changes to the Social Security maximum? Dive into the details to understand how these adjustments might impact you, whether you’re already receiving benefits or planning your retirement strategy.
Social Security Maximum Amount in July
For those who started getting benefits this July, the new maximum Social Security benefit may reach an impressive $4,873. However, this figure isn’t a one-size-fits-all; the maximum amount you can receive varies based on several factors. Lower payments will be sent if you do not file at 70.
Understanding the Maximum Benefits
Let’s break down the maximum benefits for various categories:
- Retirees at age 62: Can receive up to $2,710 per month.
- Disability retirees: Eligible for a maximum of $3,822 monthly.
- Retirees at age 67: Also eligible for up to $3,822 per month.
- Retirees at age 70: Can receive the highest amount of $4,873 per month.
It’s important to note that not all beneficiaries will receive the maximum amount. Each retirement check is unique, and tailored to individual circumstances such as work history, filing age, jobs covered by SSA, and earnings.
Upcoming Social Security Checks
In the forthcoming weeks, the Social Security Administration will begin issuing the new retirement payments to different groups. July 17 and July 24 will be the next paydays. To get money on the 17th, you must have your birthday from 11-20. If it is from 21-31 your receive it on July 24.
Understanding these updates can help you plan better for your financial future. Whether you’re already a recipient or preparing for retirement, knowing the potential maximum benefits and upcoming payment schedules is crucial. Keep an eye on your mail or online account for the latest updates from the Social Security Administration.