New Social Security Payments of Up to $2,710 to $4,873 for Seniors Aged 62 and Older

If you’re 62 or older and haven’t received your Social Security payment yet this September, there’s a good chance you’ll see it hit your account by September 25, 2024. Several factors, including your birth date and when you applied for benefits, determine the timing of your payments. Let’s break down what you need to know about receiving your Social Security payments and the factors affecting when you get paid.

Contents

1 Application
- 1.1 $1,600 Stimulus Check – Age Requirements and Eligibility Criteria for Applying
2 Payment Requirements
- 2.1 62 Year Olds Could Get Up to $2,831 from Social Security with COLA – Check Eligibility and Payment Dates
3 Maximum Amounts
4 Strategies

Application

If you’re 62 years old, you’re eligible to start receiving Social Security benefits, provided you’ve earned at least 40 work credits. That’s roughly ten years of work under Social Security-covered employment. While you can claim benefits at 62, there’s a catch: your payments will be reduced by up to 30%.

On the flip side, waiting to file until you’re 70 can increase your monthly payments by 24%. Deciding when to start collecting benefits is a balancing act: do you take a smaller check earlier or wait for a bigger payout later?

Payment Requirements

Age, in this case, is just a number. As long as you’re at least 62 and your application is approved, you’re on track to receive Social Security benefits. But here’s what really matters: your birth date. Social Security arranges payments based on when in the month you were born, dividing payments into three rounds.

The final batch of September payments will go out on September 25, 2024. This round is specifically for people born between the 21st and 31st of any month. These beneficiaries will receive their direct deposit or check within 24 hours of that date.

If you’re receiving both Social Security and Supplemental Security Income (SSI), it’s a bit different. Your next SSI payment is due on October 1, while retirement benefits for some will arrive on October 3. Those who began receiving benefits before May 1997 will also get their Social Security payments on October 3, 2024.

Maximum Amounts

There’s no change in the maximum Social Security payments until January 2025 when the new COLA (Cost of Living Adjustment) kicks in. For September 2024, here’s what you can expect based on your filing age:

Filing Age	Maximum Payment
Age 62	$2,710
Full Retirement Age (66 years, 8 months in 2024)	$3,822
Age 70	$4,873

If you want to claim the top amount of $4,873 a month, you’ll need to meet certain requirements. These include working for at least 35 years, consistently earning the maximum taxable income, and staying within SSA guidelines.

Strategies

Choosing when to start receiving Social Security is a personal decision, but a few strategies can help you get the most out of your benefits:

Work longer: The more years you work, the higher your benefit could be. Social Security calculates your benefit based on your 35 highest-earning years, so additional years of high earnings can boost your average.
Maximize your earnings: Earning at or above the taxable maximum for as many years as possible will lead to higher monthly benefits.
Delay your benefits: Waiting until 70 to claim Social Security leads to a bigger monthly check. If you can afford to delay, this strategy could provide a significant increase in your retirement income.

Whether you take a smaller check at 62 or wait until 70 for the maximum payout depends on your financial situation, health, and retirement goals. Some people prefer the security of starting payments early, while others like the idea of locking in a larger monthly benefit by waiting.

If you haven’t seen your September Social Security payment yet, hang tight. If you were born late in the month, the payment will likely arrive by September 25. Keep an eye on your account, and if any issues arise, you can always contact the Social Security Administration (SSA) for help.