Big Social Security Payments Coming in June – What Seniors Over 62 Need to Know

If you’re a senior over 62 who has already claimed Social Security payments, it’s time to keep an eye on your bank account. This June, eligible recipients can expect another round of monthly benefits, with payments reaching up to $4,873. Due to a federal holiday on June 19th, the usual schedule has a slight adjustment.

The Social Security Administration (SSA), responsible for disbursing payments to over 72 million beneficiaries in the U.S., has announced these changes. So, if you’re a retired worker, make sure to check for your upcoming payment dates.

Importance

Social Security payments are a lifeline for millions of seniors aged 65 and older, covering daily living expenses, healthcare, housing, entertainment, taxes, debt, travel, and hobbies. Without these benefits, many seniors would face financial hardship and potential poverty.

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Currently, 12% of seniors are in need, but without Social Security, more than half would struggle to make ends meet. The Economic Policy Institute reports that 30% of elderly beneficiaries rely on Social Security for 90% or more of their income, while about two-thirds receive at least 50% of their total income from these payments.

Social Security Payments

According to this month’s Social Security payment schedule, retirees will receive their monthly benefits on specific dates, depending on when they started receiving payments and their birth dates:

• June 3rd (Monday): Payment for retirees who claimed their Social Security before May 1997.
• June 12th (Wednesday): Payment for retirees born between the 1st and the 10th.
• June 18th (Tuesday): Payment for retirees born between the 11th and the 20th (adjusted due to the June 19th federal holiday).
• June 26th (Wednesday): Payment for retirees born between the 21st and the 31st.

Remember, if a payment date falls on a weekend or federal holiday, the SSA moves the date to the next business day. For a detailed look at payment dates for the rest of the year, consult the 2024 Social Security payment schedule.

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Who is Eligible

The amount of Social Security payments retirees receive depends on their full retirement age (FRA), work history, and contributions to the Social Security system. To qualify for the $4,873 monthly payment, retirees must have delayed claiming benefits until age 70 and have paid into the system at the highest taxable earnings level over the last 35 years. Here are the other payment amounts based on different criteria:

• $1,900 Monthly Check: Average benefit for retirees who didn’t contribute at the highest earnings level.
• $2,710 Monthly Check: Payment for retirees who claimed benefits before their FRA, which is at least 62.
• $3,822 Monthly Check: Payment for those who claim benefits at their full retirement age, which will be 67 in 2024.

For many seniors, these payments are crucial to maintaining their quality of life. So, make sure you know your eligibility and the amount you can expect to receive.

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