United States Social Security beneficiaries with an already accepted benefit could receive a new check next week. It will all depend on certain conditions they must meet. Should they meet them, retirees in their 70s will be able to enjoy a check of up to $4,555 that will be perfect for them to use on whatever they need.
With the arrival of the heat in many of the United States, having a little extra cash is always welcome. Summer is fast approaching and vacation planning for many retirees is a real thing. So pay attention to find out if you will be receiving a Social Security check very soon. I’m sure this will not only help you pay the bills, but also help you plan your vacation.
Thanks to the Social Security Administration’s collection system, any citizen can be the day he or she will collect. Just by checking the data and looking at the calendar, every month we can organize ourselves so that the money will last until the next payment. Add to this the extra Supplemental Security Income payment that many citizens receive, and organization is much easier. Will you get your next Social Security check?
Only one group collects the next Social Security check
The Social Security Administration divides retiree payments into two different groups. This division has nothing to do with the type of retirement a U.S. citizen receives. Therefore, disability and age-based retirees can collect on the same day. Both the year of retirement and the birthday are the two elements that make the difference in the calendar.
In this sense, the next group to collect the benefit on the 17th day of May will be those born between the 11th and 20th of the month. But not only that, they also have to meet another condition. This second condition is to have retired after 1997. This is because the payments of pre-1997 retirees all received their benefits on the 3rd of May.
How can I maximize my retirement check?
To get a check of $4,555, the maximum in 2023, you need to meet a few requirements. It is important to follow a good retirement plan if what we want is to get a big check during the golden years. To do this, three key elements must be taken into account.
Retirement age
This element is fundamental if we do not want to lose a lot of money with the Social Security check. The minimum age to retire is 62, but that will mean losing 30% of the retirement check. If we want to get a big check that is closer to the maximum of $4,555 we must delay the retirement age.
It is critical to reach the maximum age of 70 if our goal is to reach $4,555 per month. After age 70 there are no extra benefits, so there is no point in continuing to work at that age.
Years worked before Social Security
Asking for retirement with few years worked is a huge mistake. At a minimum we should work 10 years before applying for Social Security, but this is not recommended. The number of years worked that we should reach is 35. If we do not reach that number, our retirement check will be very low.
Keep in mind that each year not worked below that number will add $0 to the average. This will mean a considerable reduction of the benefit and will prevent us from reaching a good check for the golden years.
Salary as a worker
Our goal should be to combine the above two elements with a good salary. The higher the salary, the higher the Social Security benefit during retirement. Remember that our check depends on the taxes we pay, so we have to have a good salary if we want to have a good retirement benefit.
If we can’t get a better salary at our job it may be a good idea to change industries. Any strategy is good if it leads us in the end to getting the best Social Security check possible.