70-year-olds who file at this age can receive the largest Social Security benefits in the United States in 2024. In fact, they can benefit from a 24% extra reward from the Social Security Administration in the USA.
Early filing can reduce your monthly payment by about 30% said Social Security. Some American retirees will receive a new payment on June 26, but most will have to wait until July to get some cash from the Administration.
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Social Security for 70-year-olds in early July
During the first 10 days in July, there will just be 2 retirement benefit payments in the United States. The first payment for retirees aged 70, younger or older will be due on July 3.
To get money from Social Security on July 3 you must have received monthly payments before May 1997. This will be the easiest way to qualify for a payment on the third, but it is not the only one.
For example, if you receive Supplemental Security Income on July 1 and you are also getting SSDI or retirement benefits, you will get a new payment on July 3 as well. The last check in early July will be arriving on July 10, if you do not qualify for July 3 and your birthday is from 1-10.
Social Security on July 17 or 24
The last paydays in July for 70-year-olds and other retirees will be on July 17 and 24. July 17 will be your payment date if your birth date falls from the 11th to the 20th.
In a similar way, you will receive Social Security on July 24 if your birthday is from 21-31. The maximum benefit amount is $4,873, but this is for those who filed at 70, worked for 35 years in jobs covered by SSA and earned the taxable maximum all those years too.
Average payments for 70-year-olds may be about $2,038. This is the average amount SSA announced last December, so it could even be slightly higher.