People aged 68 could get their Social Security direct deposits – Check these three potential payment dates

If you’re 68 years old and relying on Social Security benefits, you might be wondering when to expect your payment this September. Many retirees in the United States receive their payments through direct deposit or a mailed check, and the Social Security Administration (SSA) has specific dates for disbursing these benefits. Here’s a guide to understanding when you can expect your Social Security payment this month and what factors affect your eligibility and payment amounts.

Payment

The Social Security Administration distributes payments based on the birthdates of recipients. For 68-year-olds, the payment schedule for September is as follows:

• September 11: Recipients born from the 1st to the 10th of any month will receive their payment on this date.
• September 18: Recipients born between the 11th and 20th will receive their payment.
• September 25: Recipients born from the 21st to the 31st will get their benefits on this day.

This payment schedule applies to those who are already receiving Social Security retirement benefits, provided they meet certain eligibility criteria.

Eligibility Criteria

While anyone aged 62 or older can apply for Social Security benefits, there are specific rules for when and how 68-year-olds receive payments. To qualify for your September payment, you must:

• Have earned at least 40 work credits: This means paying payroll taxes to the SSA over your working years.
• Not break Social Security rules: For instance, you can’t simultaneously receive SSI and retirement benefits.
• Not have received retirement benefits before May 1997: Beneficiaries who filed before this date receive their payments on the 3rd of each month.

You Miss Your Payment

If your payment doesn’t arrive on the expected date, give it three mailing days before contacting the SSA. Direct deposits can sometimes be delayed due to banking issues, but they typically process faster than mailed checks.

Amount

The average retirement benefit payment for 68-year-olds is approximately $1,950. However, your actual payment could vary based on your earnings history and when you filed for benefits.

• Higher earners who delayed retirement past the full retirement age (FRA) could receive more. For example, filing at age 70 can provide up to a 16% higher benefit compared to filing earlier.
• Delayed retirement also offers an 8% increase for each year you delay after reaching FRA. If you filed for benefits at age 68 instead of 67, you would have received a year’s worth of delayed retirement credits, resulting in a higher payout.

For retirees who filed at Full Retirement Age (typically around 66 or 67, depending on the year of birth), the maximum payment in 2024 is $3,822. This is significantly higher than the average payment for most retirees.

Retirement Payments

As you can see, 68-year-olds have the potential to receive slightly higher payments compared to the overall average for retirees. High earners or those who delayed filing could also see larger amounts in their Social Security checks.

Final Thoughts

For 68-year-olds expecting their Social Security payment in September, the next payment dates are September 11, 18, and 25, depending on your birthdate. Your payment amount will vary based on your earnings history, when you chose to retire, and any delayed retirement credits you may have earned. Staying informed about your payment schedule and eligibility ensures that you can plan your finances accordingly.

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