Retirees, watch your bank accounts: If you were born this year, you’ll receive a new Social Security check in a few hours

Each month, the Social Security Administration (SSA) delivers Retirement benefits to millions of seniors across the country so they can have enough money to keep up with inflation and cover their monthly living expenses. To qualify for retirement benefits, retirees must first meet specific requirements, such as collecting Social Security benefits within the full retirement age range, proving they have sufficient work history, and making contributions to the system while working. Since the federal agency has to deliver benefits to more than 71 million seniors in the U.S., it designed a Social Security payment schedule so that all beneficiaries can receive their benefits on time. According to this schedule, Eligible retired workers born between the 1st and 10th will receive a new Social Security check within a few hours.

What are the eligibility requirements to receive retirement benefits?

Workers who have at least ten years of experience Social Security Credits You are eligible to receive early retirement benefits at age 62. If you wait until full retirement age (FRA), which ranges from 66 to 67 depending on your date of birth, you will begin receiving higher monthly payments. However, if you wait until full retirement age of 70 to begin receiving retirement benefits, you will receive even more; however, your benefits will stop increasing after that age.

Spouses may also qualify for retirement benefits based on their own or their spouse’s wage history. For example, if a divorced spouse was married for at least ten years and is currently unmarried, he or she may be eligible to receive benefits based on his or her wage history. ex-spouse’s earnings historyChildren of retired workers who are students or disabled can continue to receive benefits until age 18, with an age limit of 16 if they are caring for a child other than their own.

• $2,710 Social Security Check: Seniors who applied for benefits before reaching full retirement age (currently set at 62) will receive up to $2,710 depending on their average previous contributions.
• Social Security Check for $3,822: Seniors who applied for benefits upon reaching full retirement age (currently set at 67) will receive up to $3,822 depending on their average previous contributions.
• Social Security Check for $4,873: Seniors who delayed benefits until age 70 will receive the maximum benefit of $4,873 depending on their average previous contributions.

It is important to note that to qualify for the maximum benefit of Social SecurityRetirees must have first contributed to Social Security for at least 35 years based on their maximum taxable earnings. Otherwise, even if they delay collecting benefits, they may not qualify for this maximum payment. Because requesting the $4,873 check can be a difficult process, we recommend that you speak with a financial advisor or Social Security professional to increase your chances of qualifying for this Social Security payment.

Retirement benefit payment dates confirmed for this month

According to the Social Security Payment ScheduleRetirees who applied for benefits after May 1997 and were born between May 1 and May 10 will receive their benefits today. Since the payment schedule has different payment terms, we wanted to share here a brief overview of how retired workers are paid throughout the month:

• Recipients of retirement, survivors’ and disability insurance programs will receive their payments in two stages: those who applied for benefits before May 1997 and those who applied after.
  • 3rd day of the month (August 2): Retirees who applied for benefits before May 1997 receive their payment on this day, unless it falls on a weekend or holiday.
  • 2nd Wednesday (August 14): for beneficiaries who claimed their Social Security payment after May 1997 and were born between May 1 and May 10.
  • 3rd Wednesday (August 21): for beneficiaries who claimed their Social Security payment after May 1997 and were born between May 11 and May 20
  • 4th Wednesday (August 28): for beneficiaries who claimed their Social Security payment after May 1997 and were born between May 21 and May 31