The Social Security Administration has just sent 1 of the 4 payments in May. Therefore, you could still receive a check or direct deposit from SSA. Of course, you must have filed, got the approval, and be on benefits after April 1997.
70-year-olds could obtain payments worth $4,873. This is possible when they have filed at 70, worked for 35 years, and earned the taxable maximum all this time. Of course, they must have worked in jobs that pay payroll taxes to the Administration.
WHO COULD RECEIVE $2,038 FROM SOCIAL SECURITY AT THE AGE OF 70?
This is the average payment for seniors on Social Security at 70. Therefore, you can only get that amount if you qualify. In fact, some 70-year-olds could get a lot less and others a lot more.
Bear in mind that the average retirement benefit for all retirees is worth $1,913 as of March 2024. As you can see, the older you are, the higher your payment could be. What is more, delaying retirement can be of great help.
Social Security rewards late retirement with a 24% extra per month. However, not all seniors can delay retirement so much because they may not have a job, be ill or cannot cope with the necessary energy to deal with their job.
WHEN COULD 70-YEAR-OLDS RECEIVE PAYMENTS?
It will only take 48 hours to receive the next round of Social Security payments. May 8 will be when some recipients can get up to $4,873 from the Administration if they are 70 years old.
May 15 is another Social Security payday. The thing is to get any of the remaining checks or direct deposits you must meet the birthdate requirement. For example, if you were born from 1-10, you get money on May 8.
Those born from 11-20 will get Social Security on May 15. As a matter of fact, the last payday will for for those who were born from 21-31. Their payment date will be on May 22, 2024.