The new payment from the Social Security Administration for United States retirees will arrive in just a few days to a specific group. To obtain this benefit, we will have to meet certain mandatory requirements. If we meet them, the average check of $1,600 will be ours.
If we do not meet these requirements, the payment will arrive, but not on those days, but on different days. So we must pay attention to know if we are really within the group that will get the Social Security payment on this day in May or on a different day.
Who gets an average Social Security payment of $1,600?
There are a couple of requirements that must be met in order to receive the next payday’s benefit. Likewise, another mandatory requirement also needs to be met in order to be able to have the retirement check on the same day of mailing.
The necessary requirements to be able to have this May 15th, 2024 Social Security payment are:
- Have a retirement benefit, regardless of category, from May 1997 onwards.
- Have a birthday between the 11th and 20th of any month.
Thus, we will be among the group of retirees who get their check on this day of the month. But in order to get the money and have it available when Social Security sends it, it is mandatory to have Direct Deposit activated. This is the only way to get the money instantly when it is sent.
Can I increase the amount I get from Social Security?
In order to have a larger Social Security check, you need to have planned ahead for the benefit. Having a large retirement check is important for Americans, but it is not possible for all Americans.
In the case of wanting to opt for the biggest possible check, we must take into account three elements. On the one hand, the retirement age. This element is important because it will determine the final amount. If we retire at 62, we will lose 30% of the money we have contributed. So we have to wait until the age of 67 to get 100% of the money we have contributed.
On the other hand, the two remaining elements are the years worked and the salary during those years. The higher the worker’s salary, the higher the monthly Social Security check. The same is true for years worked. The more years worked, the better the retirement benefit.