By Raul Rodriguez Cota
Aug 22, 2024, 12:29 PM EDT
August 28 is the date on which the Social Security Administration will make a direct deposit to those retirees who meet a series of specific requirements.
This date is key for those who were born between the 21st and the 31st of any month of the year, do not receive Supplemental Security Income (SSI) and began receiving their benefits after April 30, 1997.
The amount of money each beneficiary will receive depends on several factors, including their employment history.
Although most people receive an average payment of $1,919 from Social Security, there are some who can get as much as $2,710 per month.
To receive this higher amount, certain requirements must be met.
First, you must have worked for 35 years. In addition, during those years, you must have earned at least the maximum taxable amount, which is the maximum amount of your income on which Social Security taxes are paid.
Finally, you need to have applied for your benefits when you turned 62.
If you meet these criteria, you may qualify for the maximum payment of $2,710 per month.
It’s important to note that although you can start receiving your Social Security benefits at age 62, doing so may reduce the total amount you receive each month.
If you decide to wait until a later retirement age, monthly payments can be up to 24% higher.
For those still receiving their benefits via paper check, you may experience delays in delivery, so it is recommended to wait at least three business days before reporting a lost or late check.
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