Retirees in their 70s in the United States could soon be celebrating the arrival of a new Social Security payment. While this is true, it is also true that not all retirees in this age group will be able to count on the money next week. Only the first group of retirees will have the monthly check available. To be more precise, those born between the 1st and 10th of the month. The rest of the beneficiaries will have to wait.
To all this we must add that we are not only talking about Social Security retirees at 70 years of age. Any other retirement age is valid to collect this benefit on October 12. However, they must meet the requirement of having been born within the first 10 days of the month. But we are not talking about being born in October; any month of the year is valid for this requirement.
Other Social Security payments
The Social Security Administration has more payments in addition to the money sent on the 12th of next month. There is also a different payment called Supplemental Security Income. This payment is intended for all those people with a pension who have a very low source of income.
This SSI payment is sent by the Social Security Administration on the 1st of each month, except for those months when the 1st is a weekend or holiday. This particular situation exists in the month of October, which is why the SSI payment was made on the last working day of September, in this case the 30th of that month.
Maximizing the retirement pension
The maximum pension check in 2022 is $4,194 per month. To reach the maximum figure possible under Social Security there are three key details:
You must work for 35 years. Any year not worked below that figure will significantly reduce your benefit.
Retirement age. This point is also very important. To reach $4,194 per month you need to retire at age 70. If you retire earlier, you will not be able to reach that high figure.
This maximum payment of $4,194 per month is only for age-retirees. People collecting a disability benefit cannot reach this amount of money. However, it is not mandatory for them to wait until age 62 to start collecting the pension.