Social Security has some important updates for retirees born between the 1st and the 10th. This month, there will be three Social Security payments made on different Wednesdays. If you meet certain requirements, you might see a new deposit in your account soon. Let’s break down what you need to know about these payments and how Social Security works.
Social Security has announced new monthly checks for retirees. If you were born between the 1st and the 10th, you will get your payment on the second Wednesday of the month. Retirees born on other days will receive their checks on different Wednesdays.
On average, eligible retirees will receive about $1,900 each month. However, this amount can vary based on when you claimed benefits, your work history, and the Social Security taxes you paid. Here’s a quick look at the potential payment amounts:
If you retire at the full retirement age of 67, you could receive up to $3,822 per month.
If you retire early, your payments might be reduced to around $2,710 per month.
If you delay retirement until age 70, you could receive up to $4,873 per month, depending on your contributions.
Who Qualifies for Social Security?
To qualify for Social Security, you need to have worked and paid Social Security taxes for at least ten years, which equals 40 credits. Social Security doesn’t just support seniors; it can also provide benefits to eligible spouses, children, and sometimes the parents of deceased workers.
Additional Payment Information
For retirees looking to apply for benefits or who are already receiving them, the Social Security Administration (SSA) calculates your payment based on your full retirement age (FRA) and work history. Delaying retirement can result in higher payments, while early retirement may reduce them.
Here are the confirmed Social Security payment dates for this month:
Retirees who started collecting benefits before May 1997: July 3rd (Wednesday).
Retirees born between the 1st and the 10th: July 10th (2nd Wednesday).
Retirees born between the 11th and the 20th: July 17th (3rd Wednesday).
Retirees born between the 21st and the 31st: July 24th (4th Wednesday).
Creating a Retirement Budget
To make the most of your retirement benefits, it’s important to create a retirement budget. Here are three steps to help you plan:
Estimate Your Retirement Income Goal
A survey from Northwestern Mutual suggests that most retirees think they need about $1.46 million to retire comfortably. This amount can vary based on your personal and financial goals.
Consider all your expenses during retirement, including housing, food, insurance, debt, child care, and recreation. Remember to factor in healthcare costs, as they often increase during retirement.
Develop a Spending Strategy
Create a budget tracking system to monitor your spending and adjust for lifestyle changes. Use a budgeting app, spreadsheet, or just a pen and paper to compare your actual income and expenses. Adjust your budget as needed to ensure you’re living within your means.
Understanding your Social Security benefits and creating a solid retirement budget can help ensure a comfortable and secure retirement. Be sure to review your situation with a financial advisor or Social Security expert to choose the best strategy for your needs.
When will I receive my Social Security payment?
It depends on your birth date. Check the schedule above for exact dates.
How much will I receive from Social Security?
The average payment is $1,900, but it can vary based on your retirement age, work history, and contributions.
Who qualifies for Social Security benefits?
You need at least ten years of work and 40 credits. Some spouses, children, and parents of deceased workers may also qualify.
Can I increase my Social Security payments?
Yes, delaying retirement can increase your payments. Early retirement may reduce them.
How do I create a retirement budget?
Estimate your income goal, determine your living expenses, and develop a spending strategy. Adjust as needed to stay within your budget.
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Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on thecsc.org provide practical guidance to taxpayers.
