New payments from the Social Security Administration (SSA) are due this week. Many seniors across the US are wondering how much they will get and if they are included in this round of deposits. This Wednesday, August 21st, the SSA will send out payments for the current month to people who left at or after age 67.
These people will get their benefits this week: those who asked for them after May 1997 and whose birthday is between the 11th and 20th of any month. The amounts can go as high as $3,822 based on a number of things we’ll talk about below.
Who will receive Social Security payments this week?
There is no set amount that you will get from Social Security; it depends on a number of things. Here are some of the most important ones:
Years worked while putting money into social security: You will get more money from Social Security if you have worked and paid into the system for a longer time. Your monthly payments may go up for every extra year you work.
Salary during working years: The income you earned throughout your career also plays a role in determining your benefit amount. Higher salaries generally result in higher retirement payments.
Age when you apply for benefits: The amount of benefits you get depends a lot on how old you are when you apply for them. Like most things, the longer you wait to apply, the more your monthly payment will be. For example, if you start getting benefits at age 62, your check will be smaller than the checks of people who wait until 67 or 70.
Examples of average amounts based on retirement age
To help you understand how this system works, here are some examples of the average amounts you could get based on your age when you applied for benefits:
- At age 62: If you applied for benefits at this age, your average monthly payment would be up to $2,710.
- At age 67: If you waited until age 67 to start receiving your benefits, you could receive up to $3,822 per month.
- At age 70: Those who opted to delay their application until age 70 might be receiving checks of up to $4,873 per month.
Key dates for August payments
The SSA is set to make a number of important payments in the last two weeks of August. The first one, which we already talked about, is on August 21 and is for people who were born between November 11 and June 20 and asked for benefits after May 1997.
The second payment is set for August 28th and is for people who claimed for benefits before May 1997 and were born between July 21st and July 31st of any month. These payouts are made based on the beneficiary’s date of birth and the year of application, and they are for the current month.
A third payment scheduled for the end of August
Along with these payments, the SSA will also make a third investment on August 30th. It’s important to remember, though, that this payment is not for August benefits; it’s an advance payment for September benefits. The reason for this change is that September 1st comes on a Sunday, and the SSA doesn’t process payments on weekends.
People who get benefits from the Supplemental Security Income (SSI) program are the only ones who can get this advance payment. With SSI, people with low incomes, people over 65, and people who are blind or disabled can get help. Usually, SSI payments are made on the first of every month. But because of the weekend, the September payment will be sent out on August 30th instead.
It’s important to know that if you get your SSI check on August 30, you won’t get another deposit in September. The next payment you can expect will be in October. The SSA only sends one payment to people who get SSI every month.