September’s retirement benefit payouts have been announced by the Social Security Administration. An average check or direct deposit for a 64-year-old is worth $1,460.
Just so you know, the average retirement benefit for all of the retiring employees is $1,919 in value. Those who submit before the Full Retirement Age may receive a substantially smaller amount, as you may have predicted. Reductions for filing at age 62 may reach 30%. Retiring later in life may result in bonuses of up to 30%.
Social Security payment dates for beneficiaries 64 years of age and older
September 3rd will be the due date for the first payment for retirees 64 years of age and above. However, due to certain regulations, it may only be given to two categories of seniors.
- September 3 retirement benefit payment for SSI recipients who get retirement benefits
- In addition to September 3 retirement benefit payment for retirees who filed and received benefits prior to May 1997
Because you are also getting Supplemental Security Income, your chances of obtaining Social Security on September 3rd are increased. It’s interesting to note that in 2024, SSI will be paid out on August 30, not September 1. Due to Sunday’s non-payday, SSA was forced to reschedule this payment.
Read Also: IRS Tax Relief for 2024: What to Know if You Earn Less Than $44,000
Social Security starting after September 11
If your birth date qualifies you for Social Security retirement benefits, that is an additional option. That would suggest that you do not get SSI, that you did not receive benefits prior to May 1997, and that you meet the age requirement.
- September 11 retirement benefit check or direct deposit if you were born before September 11
- Retirement benefit check or direct deposit if you were born between September 11 and September 20
- Retirement benefit check or direct deposit if you were born after September 20, that is, between September 21 and September 31
If you filed at age 64 and complete all the regulations set forth by the Administration, you may be eligible for a bigger payment than the $2,710 maximum retirement benefit at age 62. Nevertheless, it will be less than the $3,822 limit at 66 years and 8 months.
