When it comes to retirement benefit payments, it is important to know the latest Social Security changes. In this way, to can manage your finances properly and know the exact payment dates and possible amounts.
In general, there are two groups of Social Security beneficiaries. Those who get checks or direct deposits on the third, and those who don’t. If you don’t, you are entitled to a Wednesday payment.
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Change to the third Wednesday Social Security payment
The Administration has confirmed that there will be no payment on June 19. Instead, retirees will receive their checks or direct deposits on June 18 and the reason is a holiday.
June 19 is Juneteenth National Independence Day. Therefore, all the Social Security’s offices will be closed. So as to avoid delays, the Administration has had to re-schedule this payment.
Getting money in advance will come in handy if you are running out of money and qualify for retirement benefits on June 18. In fact, there was a similar case with SSI payments, due on May 31 instead of June 1, 2024.
Social Security amounts for June 18
If there have been no changes in your personal situation, you may still receive the same amount of money. Each retiree may receive a different Social Security payment. The average amount is about $1,915 (as of April 2024).
Those who were high earners for 35 years or more could get up to $4,873 if they applied for retirement at 70. Filing at the age of 62 can give you up to $2,710, which is a lot less than at 70.
Payments at Full Retirement Age can be up to $3,822. Workers who have not filed for Social Security retirement benefits yet should delay filing if they need more money. However, if you have enough cash and a large nest egg, you may not need retirement benefits so you can file early and stop working.