Not all retired workers qualify for the same payment amount from the Social Security Administration. In fact, 62-year-olds can receive a 30% reduction and still qualify for a monthly payment of up to $2,710.
Social Security has confirmed when the next payment of up to $2,710 will be sent. Actually, there are two possible payment dates for September. So, if you do not qualify for any, your monthly payment will be arriving in October 2024.
$2,710 at 62 for eligible Social Security recipients
If you have earned the taxable maximum for 35 years, that implies you have worked for those years too. These workers can be closer to getting $2,710 in retirement since they just need to make sure they have had jobs covered by Social Security and that they paid enough taxes.
Therefore, if you are in the previously mentioned situation, you may get up to $2,710 if you filed at 62. Those who are still working should know that delaying retirement can increase their monthly benefits.
As a matter of fact, a 70-year-old can receive from the Administration up to $4,873. However, if you applied for Social Security at Full Retirement Age, you can only get up to $3,822.
Social Security payments for 62-year-olds and other retirees in September
Now that you know how a worker can receive up to $2,710 in September, let’s have a close look at the payday eligibility. For example, some retirees aged 62 or older could receive money on September 18 or September 25.
- retirement benefits of up to $2,710 for 62-year-olds: on September 18 if born from 11-20
- retirement benefits of up to $2,710 for 62-year-olds: on September 25 if born from 21-31
If you have already received a payment of up to $2,710 in September, you will receive your next check or direct deposit on October 2024. For example, some will receive money from the Administration on October 3 if they started getting benefits before May 1997. Or also if they are receiving SSI and retirement.
How does delaying retirement affect my Social Security benefits long-term?
Waiting to claim Social Security benefits after your full retirement age can boost your monthly payments. Here are the main points to consider:
If you wait to take benefits past your full retirement age, your benefit grows. For those born between 1943 and 1954, that age is 66. You get an 8% increase for each delayed year, up to age 70. After 70, there’s no more increase.
You don’t have to wait a full year to get an increase. Delayed retirement credits are earned for each month you delay past full retirement age, at a rate of 2/3 of 1% per month.
- For example, if your full retirement age is 66 and you wait until 70 to claim benefits, your monthly payment would be 132% of what it would have been at 66. If your benefit at 66 was $1000/month, waiting until 70 would increase it to $1320/month.
The increased benefit amount is locked in for life. Your cost of living adjustments (COLAs) in future years will also be higher, since they are based on your higher benefit amount.
Delaying benefits means you’ll receive fewer checks over your lifetime, but they will be bigger. Assuming average life expectancy, the total benefits received are about the same whether you claim early, at full retirement age, or at 70. But those who live longer come out ahead by waiting.
The typical breakeven point is around 12-14 years after full retirement age. So you generally need to live into your early 80s for delaying benefits to pay off in terms of total lifetime benefits received.