If you’re 62 years old and eagerly awaiting your Social Security payment, the end of August 2024 is an important time. Whether you’ve been a high earner or fall into the average bracket, this article will help you know what to expect, including payment amounts, eligibility criteria, and important dates.
Payments
For those who have just started receiving Social Security, your payment amount is determined by your lifetime earnings. High earners—those who consistently reached the taxable maximum income during their working years—can receive up to $2,710 this month. If you were not among the highest earners, your payment may be closer to the average Social Security payout of $1,919.
If you delayed retirement until age 70, your benefits increase significantly. At this age, the maximum payment can be as high as $4,873 per month. This is due to the delayed retirement credits that boost your benefit amount each year you postpone retirement beyond your full retirement age.
Here’s a breakdown of potential Social Security payments:
| Age at Filing | Maximum Payment | Average Payment |
|---|---|---|
| 62 Years | $2,710 | $1,919 |
| 70 Years | $4,873 | Not Applicable |
24-Hour Countdown
For those aged 62 and older who are already receiving retirement benefits, the next Social Security payment is scheduled for August 28, 2024. Payments are typically made via direct deposit or check, depending on your selected method. To ensure you receive your payment on time, make sure you meet the eligibility requirements.
Eligibility
To qualify for Social Security payments on August 28, 2024, you must:
- Have applied for retirement benefits at age 62 or later.
- Received approval from the Social Security Administration.
- Not be receiving Supplemental Security Income (SSI).
- Be receiving benefits that started after April 30, 1997.
- Remain eligible for benefits.
If you don’t meet these criteria or have a lower Social Security benefit, you might still qualify for SSI, which is scheduled for distribution on August 30, 2024. This delay is due to September 1 falling on a Sunday, a day when Social Security offices are closed.
Maximum Payouts
Only individuals who have consistently earned the taxable maximum income for at least 35 years can expect the $2,710 payout from Social Security on August 28. This requires filing for benefits at 62 and having all jobs covered by the Social Security Administration during those years.
However, most retirees who start collecting benefits at 62 receive an average payment of around $1,300. Those with lower Social Security checks may also qualify for SSI to supplement their income.
Here’s what you need to know about SSI payments:
| Payment Type | Maximum Amount |
|---|---|
| SSI for Married Couples | $1,415 |
| SSI for Individuals | $943 |
| SSI for Essential Persons | $472 |
If you believe you qualify for SSI but have not yet applied, now is the time to do so, especially if your income is low.
Addressing Social Security and SSI can be complex, but knowing the basics can help you better prepare for your financial future. Whether you’re anticipating a payment of $2,710 or just trying to ensure you receive your Social Security benefits on time, staying informed is key.
FAQs
How much can I get from Social Security at 62?
High earners can get up to $2,710, while the average is $1,919.
When is the next Social Security payment in August 2024?
Payments are scheduled for August 28, 2024.
What are the SSI payment amounts in August 2024?
Individuals can receive up to $943; couples can get up to $1,415.
How do I qualify for the August 28 Social Security payment?
You must be 62+, have filed, and been approved for benefits.
Can I get both Social Security and SSI payments?
Yes, if your Social Security benefits are low, you might qualify for SSI.
