Social Security Administration ( SSA) has confirmed that the new payments of $2710 for Americans within 4 days. All the retirees will not eligible for maximum amount. Social security benefits are based on the some factors, include the age of applicant, work history, and taxable earnings. For example if you file for the social security benefits at 62 years age, then you are eligible to get the monthly payment of $2710. This amount will be higher if you continue to file for social benefits till 70 years old age. If you start claiming the social security benefits earlier before 62, then your payments amount are less.
Eligibility Criteria for $2,710 for 62-Year-Old Americans
As we tell you, the 62 years old Americans are eligble to get social security payments of $2710. They should meet some eligibility criteria, including age limit, income limit, etc
Income History
To become eligible for the social Security new direct payments of $2710, you have to meet the income criteria. A retiree American must worked at least 35 years and earn the maximum taxable wages through their working years. The minimum income limit for the 2024 year is $168,600
Age limit
If you start claiming social security benefits at 62 year old age, then you will get the less amount of direct payments, typically around 30%. If you want to claim full retirement age, then you must apply for social security direct payments at the age of 66 to 67 years old.
Date of birth
The Americans who born between 11th and 20th of month are eligible to get $2710 payments on 18 september 2024. The applicants born between the 21st to 31st of a month will eligible to get social security payments on 25 September
Those who are born in starting of the month, their payments are issued already. But if you one who have born earlier in the month but do not get your payments in September, then you should wait for next social security payments, will released in October 2024
Social Security New Directs Payment Amounts
The payments amount distributed to eligible Americans are based up on their income and age. Here, we tell you the payment breakdown, offered to beneficiaries.
| Age at Filing | Maximum Monthly Benefit | Notes |
| Age 62 | Up to $2,710 | 30% reduction because of early filing |
| Full Retirement Age (66-67) | Up to $3,822 | Standard benefit at full retirement age |
| Age 70 | Up to $4,873 | Maximum benefit because of delayed filing |
If you wait till the age of 70 years, you will get a higher amount of social security payments, as much as 77%, than payments of 62 years age.
September 2024 Payment Dates for 62-Year-Olds and Other Retirees
The eligible Americans will get their Social Security $2710 payments on 18 September or 25 September, according to their date of birth.
- Those who born between the 11 to 20th of the month will get payments on 18 September.
- Those who born between the 21st to 31st of a month will get payments on 25 September.
The beneficiaries who already get their payments, will now get their next payments in October 2024. Those who are getting social security benefits since May 1997, or those who are getting SSI payments with retirement benefits will get their next checks on 3 October 2024
How Delaying Retirement Affects Social Security Benefits
If your social security benefits are delayed beyond the retirement age, then it increases your monthly payments. Here we tell you how does delayed retirement will affect the social security benefits
Increased Monthly Payments
If you delayed claiming the social security payments every year, after reach to full retirement age ( 66 or 67 years), then your payments amount will increase by 8% up to 70 years age. After you reach to 70 year old age, there is no significant increase in payments. So, it is suggested to claim your benefits within 70 years old age.
For example
If you reach to full retirement age, 66 years, and you wait till age of 70 years, then your benefits will increase by 32% ( each year 8% increase). So, if your benefits is $1000 per month at 66, then your benefit will be $1320 per month, till 70 years age. These delay benefits are added monthly, not yearly. So, if you wait for some months after full retirement age, then you will get an increase in your payments.
Long-Term Impact
You will get the increase social security payments, if delayed locked for the remaining years of your life. The future COLA are based on higher payment amounts, so adjustments help to increase the payment amount. There is tradeoff, by waiting sometime to claim benefits. In this case, you will get a few checks over a lifetime. On Average, the total lifetime benefits are equalize whether you can claim it early, at full retirement age, or at 70 years age. But those who live long than average will gain more payments.
Break-Even Point
The break-even point to delay social security benefits is around 12-14 years after retirement age. It means if you delay to fill for social security benefits, then you need to live into early 80s for more monthly payments, and outweight lost income from years, that you do not claim. For those who have the some health concerns and shorten life, will eligible to claim social security payments early. If you think you have a long life, then you should wait to file for social security benefits to get higher payments.
In this way, the social security benefits are considered as lifeline for retirees, but amount you will get are vary on basis of claiming time. The 62-year-old retirees will get $2710 payments in September, and 70 years retirees will get more payments, up to $4873 per month. The decision between claim direct payments early or wait, are depends up on individual health, financial needs and retirement goals. If you are eligible to get social Security and want to decide when to file for it, then you should weight the long term benefits of delay claim. It results in higher monthly checks and financial Security for the remaining years of life.