Retirees may have not received their money from Social Security in September. So, if you are 62 years old or older and you have not collected your payment yet, the chances are you will receive your next direct deposit or check on September 25.
62-year-olds can apply for Social Security if they have earned at least 40 work credits. This is about ten years of work. However, they face a reduction worth 30%. Late filing at 70 can give you 24% extra. So it is up to you whether you want more or less money.
Requirements for the next Social Security payment
Age does not really matter as long as you are at least 62 and got approval from the Administration. What is important is the day to were born. This is the way the Agency arranges the last three payments of each month for retirees.
Thus, those who were born early in the month, get the money first. Those who were born from the 21st to the 31st will collect money on September 25, 2024. Then, they will get a new direct deposit or check in less than 24 hours.
Bear in mind that if you receive Social Security and Supplemental Security Income, your next payments will be on October 1 (SSI) and October 3 (retirement benefits). Those who began receiving benefits from SSA before May 1997 qualify for retirement benefits on October 3 as well.
Maximum Social Security amount on September 25
Since the 2025 COLA increase will not come into effect until January 2025, retirees will still have the same maximum amounts. For example, if you file at 62, you can only get up to $2,710.
Those who file at Full Retirement Age, 66 years and 8 months old in 2024, can get up to $3,822. However, the largest Social Security check in 2024 is for those aged at least 70.
You could get $4,873 from SSA If you file at 70 and:
- have worked for 35 years
- have earned the taxable maximum all those years
- had jobs covered by SSA
- applied for retirement benefits and do not break any rules