Social Security Announces New Payment Amounts for Retirees in April
Retirees across the nation are eagerly awaiting their new Social Security payments this April, with the potential for more substantial checks if they are eligible. The Social Security Administration (SSA) has announced that the maximum payment at age 62 in 2024 will be $2710.00 USD.
To qualify for this payment in April, individuals must apply for Social Security at age 62. However, those who choose to delay their application can receive higher monthly payments from the SSA. It is important to note that early retirement at age 62 may result in lower payments, so delaying until age 70 is advised for a 24% increase in monthly benefits during retirement.
In addition to age requirements, individuals must have worked for at least 35 years in jobs covered by the SSA to avoid a reduction in their checks. They must also have earned the maximum taxable amount for 35 years to qualify for the full $2710.00 payment.
The SSA will be sending out checks of up to $2710.00 USD to retirees who began receiving benefits before May 1997. Those who already receive Supplementary Security Income (SSI) benefits may receive a lower amount, likely less than the average check of $1910.00 USD.
For those who do not qualify for the April 3 payment, there are alternative payment dates based on their birth month. Those born between the 1st and the 10th will receive their payment on April 10, while those born between the 11th and the 20th will receive it on April 17. Those with a birth date between the 21st and the 31st can expect their payment on April 24.
Overall, retirees are encouraged to review their eligibility requirements and payment dates to ensure they receive their Social Security benefits in a timely manner.