Five days from now, a group of retirees will get their second round of March Social Security payments. For the top earners who leave at age 70, these payments can be worth up to $5,108.
Here is everything you need to know about your Social Security check this month.
Social Security checks usually start coming out on the second Wednesday of every month, and more are sent out over the next few weeks. The day of the month a worker was born determines how their payments are given out.
People who retired before the 10th of the month got their checks on March 12. People born between the 11th and 20th of the month will get their checks on March 19. People born on or after the 21st of the month will get their payments on March 26.
A U.S. citizen becomes eligible to start receiving Social Security income at the age of 62. However, claiming benefits at this age means receiving a reduced monthly amount compared to waiting until full retirement age (FRA), which is typically between 66 and 67, depending on the year of birth.
If an individual waits until age 70, they can maximize their benefits, as Social Security payments increase by about 8% per year between full retirement age and 70 due to delayed retirement credits.
Before deciding when to claim benefits, it’s essential to consider factors such as health, financial needs, and life expectancy to ensure the best possible retirement strategy.
The number of years worked, the amount paid into Social Security, and the age at which the person retires all affect how much money people who get Social Security get.
Payments are mostly based on when the individual retires. It is possible to get up to $2,831 a month if you quit at age 62, according to the Social Security Administration. If you wait until age 70, you can get up to $5,108 a month.
Users of the SSA’s tool can get a specific idea of how much they can expect each month.
A payroll tax is paid by both companies and workers to pay for Social Security.
The amount of Social Security payments is going to go down unless Congress does something to stop it. Analysts think that the SSA will not be able to give full payouts to receivers until at least 2034. This is because more people are retiring and fewer people are working.