Even if early retirement means getting smaller Social Security payments, some 62-year-olds can receive a great deal of money. However, this is only possible if they have worked for 35 years, earned the taxable maximum all these years, and filed at 62.
On the contrary, if you did not pay taxes to the Administration, you cannot receive any monthly payments. Social Security recipients whose birthdays are from 1-10 will get money in just three days.
SOCIAL SECURITY CHECK & PAYDAYS IN MAY
The second Wednesday in May will be payday for some American retirees. If you were born from 1-10, May 8 will be your next payment date. Bear in mind that filing for retirement benefits is necessary.
What is more, the remaining payments are for those who began receiving Social Security after April 30, 1997. Those on retirement and SSI at the same time need to wait till June 3 to collect their money though.
If you would like to know if you can get money from Social Security on May 15, check your birthday is from 11-20. If your birthday is from the twenty-first to the thirty-first, your retirement benefits will be in your bank account on May 22.
SOCIAL SECURITY CHECK AMOUNTS IN MAY
Let’s have a look at the average payments as of March 2024 released in April by SSA. Retirement benefits are worth $1,864 for all beneficiaries. However, just retired workers get $1,913 from Social Security on average.
Spouses of retired workers get about $911, which is about half the amount all recipients get. Some Americans do not know that eligible children may get benefits from Social Security on the worker’s record.
The maximum benefits on May 8, 15 and 22 will be $4,873, $3,822 and $2,710. These Social Security benefits are for high earners who filed at 70, Full REtirement Age or 62 respectively. In fact, they must have also worked for 35 years, so that makes it even more challenging.
