$1,460 Payment for Those Aged 64 – Social Security Announces September Pay Dates

If you’re 64 years old and receiving Social Security retirement benefits in the United States, it’s essential to know when your payments will arrive. The Social Security Administration (SSA) has announced the payment dates for September, along with some important eligibility criteria. Knowing these details can help you plan better and ensure you receive your benefits on time.

Amounts

At 64, you can expect to receive an average Social Security retirement benefit of $1,460 per month. However, this amount varies based on several factors, including when you chose to file for benefits. On average, the retirement benefit for all retirees is around $1,919.

If you filed before reaching your Full Retirement Age (FRA), you might see a reduction in benefits. For example, filing at 62 could lead to a reduction of up to 30%. Conversely, delaying your retirement could result in a 30% increase in benefits, depending on how long you wait past your FRA.

Dates

The payment schedule for Social Security retirement benefits in September is structured around specific criteria, including birth dates and whether you receive Supplemental Security Income (SSI).

September 3

The first round of payments in September is scheduled for the 3rd. However, only two groups of retirees will receive payments on this date:

1. SSI Recipients Receiving Retirement Benefits: If you receive SSI alongside your retirement benefits, you will receive your payment on September 3.
2. Retirees Who Filed Before May 1997: Those who started receiving Social Security benefits before May 1997 will also get their payment on September 3.

It is worth noting that SSI payments, which are typically issued on the 1st of each month, will be paid on August 30 instead of September 1, 2024, due to the first of the month falling on a Sunday.

from September 11 Onward

If you are not part of the above two groups, your Social Security retirement benefits will depend on your birth date:

• September 11: Payments are made to those born before the 11th of any month.
• September 18: Payments are made to those born between the 11th and the 20th of any month.
• September 25: Payments are made to those born between the 21st and the 31st of any month.

This payment schedule ensures that all retirees receive their checks or direct deposits according to their specific circumstances.

Maximizing Benefits

While the maximum retirement benefit at age 62 is $2,710, those who file at 64 may qualify for a larger payment, provided they meet all the necessary requirements set by the SSA. However, it is important to note that the maximum benefit continues to increase with age. At Full Retirement Age (66 years and 8 months for many), the maximum benefit can reach up to $3,822.

If you are considering when to file for benefits, keep in mind that delaying your retirement will generally result in higher monthly payments. The decision to file should be based on your individual financial needs, health, and retirement plans.

Eligibility

To qualify for these benefits, you must meet specific eligibility requirements:

1. Age and Work Credits: You must be at least 62 years old and have earned enough work credits through your employment history to qualify.
2. Filing Status: Your benefit amount may vary depending on when you filed. Filing before your FRA reduces your monthly benefits, while delaying filing can increase them.
3. Birth Date: Your payment date each month depends on your birth date, as outlined above.
4. SSI and Pre-May 1997 Retirees: If you are receiving SSI or started your retirement benefits before May 1997, your payment schedule will differ from others.

Knowing these eligibility factors will help ensure that you receive the correct amount and on time each month.

If you’re approaching 64 or already receiving benefits, staying informed about the payment schedule and eligibility criteria is crucial. Knowing when your payments will arrive can help you better manage your finances and plan for the future.

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