The Social Security Administration (SSA) has announced the average payments in 2024. As of January 2024, the average retirement benefit is worth about $1,909.
However, some retirees may get a lot less. This is the case when they did not work for many years or they had a low salary. If so, do not forget you can also apply for Supplemental Security Income.
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SSI will allow you to get Social Security retirement benefits at the same time. Getting additional money will definitely come in handy. Especially, if your savings accounts and investments are already gone.
RETIREMENT BENEFITS IF ON SOCIAL SECURITY AFTER MAY 1997
American retirees could get a check on three different paydays. The remaining payment dates in March will be March 13, 20 and 27. Therefore, you will have to wait for about 10 days to get the first check.
To get the March 13 retirement benefits, retirees must have their birthdays from the first to the tenth of any month. Those retirees who are on Social Security and whose birthday is from 11-20, will cash their check on March 20.
March 27 will be the last payment date for those on retirement benefits. In order to receive this payment, your birth date must be from 21-31. So, if your birthday is on one of the last days of any month, this money will be yours.
RETIREMENT PAYMENT AMOUNTS
The maximum retirement benefit will be worth $4,873. However, to get such a large payment, Recipients must have worked for 35 years, earned the taxable maximum all this time, and file at the age of 70.
Filing early can reduce your check by up to 30% says Social Security. That is while early filers can only opt for retirement benefits worth $2,710. At Full Retirement Age, you can obtain a check worth up to $3,822.
Full Retirement Age is when retirees get 100% of their Social Security. Delaying retirement benefits can be beneficial for your finances, but not everyone can file so late because of health problems among other reasons.