The Social Security Administration organization that ensures that seniors in the United States can get their monthly check has announced the next payment. This means that we now know on what day 67 year old retirees will be able to enjoy the new benefit related to the month of March.
Social Security always arrives on time to American households. So we just need to know the calendar to be able to determine on which exact day we receive our check with the allotted amount. Other than that, we don’t need to do anything else, as it is an automated process.
In case we have our Social Security check previously accepted, we simply have to wait to receive it each month. Since it is not possible to do anything to change the day the Administration sends us the money, the only thing we can do is to control the calendar. This is the most effective way to keep our entire economy under control.
When will I cash my next Social Security check?
Retirees who have not yet cashed their March Social Security check already know when they will receive it. The Administration will send this new payment on the 22nd day of March. With this mailing, the Administration will close the schedule of age-based benefits. There is still one more payment left in the month of March, but it is an extra payment that is not usually on the calendar.
Therefore, the last day of this month’s payment means that the calendar is closed. So any retiree should already have their check with Social Security money in it at this point in the month. If not, there may be a problem with our payment.
Which group will receive the last benefit in March?
Retirees born between the 21st and 31st are those in the last group of United States pensioners. This group is the one that receives the last benefit for the month of March. This scheme is repeated every month, since there is always a fixed calendar that we can follow to know the day of the Social Security payment.
Thus, pensioners born between the 1st and 10th receive a check on the second Wednesday of the month. Pensioners with birthdays between the 11th and 20th must wait until the third Wednesday of the month. Finally, the fourth Wednesday of the month is the collection day for pensioners with birthdays between the 21st and 31st.
What is the maximum Social Security check at age 67?
The maximum benefit in 2023 for retirees at age 67 is $3,627. This figure is not easy to reach, but it is achievable. If we talk about retirement at age 62, an Early Retirement Age, retirees can have a check of up to $2,572 in 2023. Keep in mind that there is a big difference between the check at the two ages.
Still, remember that in order to have a good Social Security check it is mandatory to have a good retirement plan, otherwise our monthly payment will be much lower. Making this plan will help us to be able to enjoy the golden years much better, thus maximizing the monthly money we receive. In order to reach the maximum number, it is mandatory to follow some requirements, since without them we will not be able to reach such a large number.
Increase your retirement benefit check
In order to reach the maximum $3,627 in the 2023 retirement check, we need to plan everything in advance. If we want to have as much money as possible, we need to do the following:
- Increase our salary. Since retirement age does not come into play, since we want to claim the benefit at age 67, we will need to increase our salary as workers. This will make our check go up a lot, since the monthly benefit comes directly out of our salary during our time as a worker. The higher the salary, the better the benefit during retirement.
- Work for at least 35 years. This is also fundamental. It does not matter if you do not have a huge salary during those 35 years. It does matter to work for at least that long. Every year that we work below that figure, the average benefit will drop a lot. So if you want to have good Social Security, you have to work those years.
So basically the key to being able to have the highest Social Security possible is to work for 35 years at a good salary. The other key point to be able to increase retirement is the age at which we apply for the benefit. However, if we are thinking of retiring at age 67 there is little we can do about that.
Is it better to retire at 62 or 67?
Retirement at age 62 is called Early Retirement Age. On the other hand, 67 years of age comprises the Full Retirement Age. Each of these two retirement ages has its advantages and disadvantages. The final decision is up to each citizen, as there are many aspects that concern health, society and other areas of life.
However, in economic terms there is one thing that is unquestionable. Full Retirement Age at age 67 means earning much more money when we collect Social Security. If we apply for Full Retirement Age, the benefit check will be 100% of the money we have contributed. On the other hand, with an Early Retirement Age at 62 the monthly payment will drop by 30%, so we will have much less money on a monthly basis.