September’s third Social Security payment is due in six days. Third-group retirees who postponed retiring until 70 and earned more will receive up to $4,873 in this round.
Overview of Social Security and its funding
President Franklin D. Roosevelt signed the 1935 Social Security Act, which created Social Security. It helps retired or disabled people replace or supplement their income. SSA was created to handle and distribute these benefits.
Employers and employees pay payroll taxes for Social Security. Workers’ Social Security contributions are automatically deducted, and employers match them.
However, Social Security funding remains uncertain. With more retirees and a shrinking workforce, the Social Security trust fund may confront financial issues in the coming years.
Analysts anticipate that the SSA will no longer be able to disburse full payouts by 2034 unless Congress addresses these challenges. Without system adjustments, future retirees may receive fewer benefits.
Payment Schedule for September
Monthly Social Security payments are paid in three waves. A person’s payment wave primarily depends on their birthdate.
Retirees born between the 1st and 10th of any month received their first pension on September 11. The next round is September 18 for those born between the 11th and 20th of any month.
Finally, pensioners born after September 21 will receive compensation on September 25. However, persons who started claiming benefits before May 1997 receive their payments on the third of every month regardless of birth date.
Eligibility Criteria
Social Security eligibility requires 62 years of age. The earliest age to start receiving benefits is 62, but the amount a person receives each month depends on their retirement age, how much they earned, and how much they contributed to Social Security through payroll taxes.
Maximizing Social Security Benefits
As said, Social Security benefits vary greatly depending on when a person retires. SSA benefits are arranged so that early retirement reduces monthly payouts and delayed retirement increases them.
Depending on wages and payments, a person can retire at 62 and receive up to $2,710 each month. Delaying retirement until 70 raises the maximum monthly payment to $4,873. Beneficiaries who delay retirement gain credit for each year they wait, which increases payouts.
The SSA’s website lets retirees estimate their monthly benefits based on their circumstances. For a specific estimate, this calculator considers prior earnings and retirement age.
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