May 3 was the last payday for millions of retirees in the United States. Social Security has announced that June 3 will be their next payday. Therefore, the wait time will only be about 9 days.
The main requirement to collect Social Security on June 3 is to have been on benefits before May 1997. However, this will not be the only possibility, although it could be the most common one.
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NOT ONLY WILL PRE-1997 RETIREES GET SOCIAL SECURITY ON JUNE 3
Apart from the moment you started collecting retirement benefits, there is another way to qualify for the June 3 payment. As a matter of fact, if you are on SSI (Supplemental Security Income) and retirement benefits at the same time, you could also get a check on June 3.
Thus, you will receive Supplemental Security Income on May 31, one day before the usual due date, and then Social Security on June 3. Bear in mind that this is only possible if you have a low income.
Whether you get retirement or disability insurance benefits, you can still qualify for SSI says Social Security. The problem is you must meet the income requirements and be at least 65 years old or have a qualifying disability.
SOCIAL SECURITY UNVEILS AMOUNTS FOR JUNE 3
Pre-1997 retirees could receive a payment worth $1,915 on average, but some may have not worked for many years. If this is your case, you payment can be a great deal smaller. That is why some retirees can also get SSI.
If you have not worked for 35 years and paid enough taxes to SSA as you worked, your check is much smaller. Even if you can qualify for Social Security with just ten years of work, it will not be enough to get $1,915.
The maximum benefit at 62 will be $2,710 and $3,822 at Full Retirement Age. Those who filed at 70 can receive a Social Security payment worth $4,873 said the Administration. So, delay retirement as much as you can to get more money.