If you have just filed for Social Security retirement benefits in the United States, you may still not know the exact amount of money you may get from the Administration.
The June payments will be on the 3rd, 12th, 18th and 26th. Regardless of the payday, the maximum retirement benefits will be the same throughout the month.
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How much can retirement benefits be at 62?
If you have filed at 62, you can only receive up to $2,710 in June 2024. Social Security set that amount as the maximum for the whole year. Bear in mind that the average payment for retirees is about $1,915, so it is quite a lot of extra money.
Very few American workers can receive $2,710 at 62 because you must meet very strict conditions for many years. The payment could be even higher if you file at Full Retirement Age.
Filing at Full Retirement Age (FRA) can provide you with a Social Security payment of up to $3,822. For your information, the normal retirement age depends on the year you were born. For example, if you were born in 1960 or later, your FRA is 67.
Maximum retirement benefit at 70 in June
The largest check or direct deposit you can receive from the Administration in June could be worth $4,873. To be eligible for such a whooping amount, you must have filed at 70 and worked for 35 years.
What is more, you must have been a really high earner. Only those who have earned the taxable maximum or contribution benefit base for 35 years can receive $4,873. Do not forget that if you had jobs not covered by Social Security, you would not be eligible for these payments.
Only those who pay enough taxes to Social Security can receive retirement benefits. Even if you just need ten years of work to get money as a retiree from SSA, it will only give you a small monthly payment.
What are the payment dates for retirement benefits in June?
In June 2024, Social Security retirement benefits will be paid on these dates:
- May 31 (Friday): SSI recipients get their June payment.
- June 3 (Monday): Retirees before May 1997, those abroad, and SSI and Social Security recipients qualify. So do those with state-paid Medicare premiums.
- June 12 (Wednesday): Retirees born between the 1st and 10th.
- June 18 (Tuesday): Retirees born between the 11th and 20th (moved due to Juneteenth).
- June 26 (Wednesday): Retirees born between the 21st and end of the month.