62-year-olds who meet Social Security requirements will collect a new payment on September 11, 2024. If you are also receiving Supplemental Security Income or you got retirement benefits before May 1997, you do not qualify.
Another possibility for 62-year-olds is that they collect Social Security on September 18 or even September 25, 2024. It will depend on the day you were born whether you receive your direct deposit of up to $2,710 on a specific payday.
Social Security depending on your birth date
The earlier in the month your birthday is, the sooner the Administration will issue your monthly payment. The next 3 rounds of direct deposits will be issued on the second, third, and fourth Wednesday in September. Check when your birthday allows you to get your payment:
- Birthday from 1-10: payment on September 11
- Birthday from 11-20: payment on September 18
- Birthday from 21-31: payment on September 25
If you are receiving just SSI, you will get your next payment on October 1, 2024. Those who get SSI and Social Security retirement benefits will collect their payment on October 3, 2024. Those who have been receiving retirement checks for over 27 years will also collect their money on October 3.
Social Security direct deposit of up to $2,710 for age 62
62-year-olds can only receive direct deposits of up to $2,710. Undoubtedly, it is a really large payment but it a real challenge to achieve it. Seniors aged 62 can only attain these large checks on condition that they have worked for 35 years in jobs covered by SSA and earned the taxable maximum all those years.
Needless to say, filing at 62, or working for 35 is something common. But few Americans receive such a large wage to earn the taxable maximum for 35 years. So, they may get an average of just $1,300.
For your information, the average retirement benefit for all retired workers is $1,919. Filing at 62 reduces your direct deposit or check by 30%. So, it is not something many retirees can afford due to inflation, high cost of living and medical expenses in retirement.