As happens every month in the United States, the Social Security Administration has already started to send out benefits. Therefore, retirees who are entitled to a benefit have already been able to receive the first of the payments. On September 14, the second Wednesday of the month, Social Security paid the benefit to retirees born between the 1st and 10th of the month. But that is not the only payment day, as the rest of the beneficiaries also receive their corresponding benefit.
Next September 21 is the third Wednesday of the month. This means that pensioners will receive their Social Security. However, not all pensioners, but a group of them. This group belongs to those born between the 11th and 20th of the month. If you were born between those two days, you will be able to receive your benefit in just one week’s time.
Social Security benefits in September
Within the month of September the Social Security Administration sends the money to all its beneficiaries. The calendar for sending the monthly check is as follows:
September 14: Payment of the Social Security check for beneficiaries born between the 1st and 10th.
September 21: SSA sends payment to those born between the 11th and 20th.
September 28: Beneficiaries born between the 21st and 31st receive Social Security.
These are all dates for the month of September. It can take up to 3 days for the payment to arrive in your bank account, although you don’t have to wait if you have Direct Deposit activated.
The maximum benefit in 2022 is $4,194, but by 2023 this maximum will increase due to the SSA COLA 2023. The Social Security Administration will announce the percentage increase in October. This new increase in Social Security benefits is intended to combat price inflation, so pay attention to these increases soon to be announced by the United States Government.
Maximizing your retirement
To get the highest benefit possible with Social Security you need to not have applied for it with Early Retirement Age (ERA). Although applying for Early Retirement has some benefits, the monthly benefit is reduced by almost 30%. This is not good for someone who wants to live on the monthly benefit check alone.
Therefore, to get the best benefit possible, you should follow the following tips:
Delay retirement: If you wait until age 70 before claiming the benefit, your Social Security could be up to $4,194, the maximum in 2022.
Work for 35 years: That’s the minimum to ensure a good benefit. Working less than that causes the average to see a significant reduction.
Have a good salary as a worker: The higher your salary, the higher your Social Security will be. That is why it is important to have a good salary throughout your working life.
In addition, it is also possible to get a Social Security disability extra benefits because it is not mandatory to wait until the age of 62 to apply for the benefit. It is advisable, in this sense, to check which of the 2 benefits offers you a better return, the disability or the retirement benefit.
Undoubtedly, waiting until 70 to apply for retirement is the best option, as it is the only way we have to get the highest possible benefit. For that reason, plan your earnings well before taking the last step.