Seniors in the United States between the ages of 66 and 67 qualify for Social Security payments of up to $3,822 each applicant. High income people who satisfy Social Security Administration (SSA) criteria are qualified for this benefit.
The next capital payment is expected to occur on November 27, 2024, before the 2025 Cost of Living Adjustment (COLA) percentage increases.
Now, let’s understand what these payments mean for retirees, how they’re meant to qualify, and how an executive can maximize their benefits if their pay is lower than expected.
Payments
Eligibility
Seniors 66 to 67 must satisfy the following requirements to be eligible for the maximum $3,822:
- Full Retirement Age: Full retirement age (FRA), which is usually between 66 and 67, is determined by the year of birth if benefits are claimed at this age.
- High Earnings: Have earned for 35 years at contribution and benefit levels set by the Social Security Administration (SSA).
- Post-1997 Benefits: After April 30, 1997, you must begin receiving Social Security benefits.
- Exclusions: If you are not currently receiving Additional Security Income (SSI), you are not eligible.
Those who meet these conditions will receive their payment on November 27, which will either be through direct deposit or sent through a check.
Payment Dates
The distribution process for receiving Social Security payments is based on the recipient’s date of birth. For seniors born between 21st to 31st, the payment will be made till 27th in November.
For those individuals who have been taking Social Security benefits since before May 1997, the payment will be made on December 3, 2024.
Moreover, other dates in the month of December also have been scheduled for which details will be provided later on.
| Payment Date | Who Receives It? |
|---|---|
| December 11 | Birthdates 1st-10th |
| December 18 | Birthdates 11th-20th |
| December 24 | Birthdates 21st-31st |
Average Benefits
Not all seniors between the ages of 66 and 67 earn the maximum amount of $3,822. These are some examples of usual forms of payment:
| Category | Monthly Amount |
|---|---|
| Maximum for High Earners | $3,822 |
| Average Retired Worker (All Ages) | $1,924 |
| Average for Ages 66-67 | $1,750-$1,900 |
There are a number of factors that can limit benefits, including lower lifetime earnings or shorter work histories.
Increasing Benefits
Seniors who receive low payments from Social Security have several options available to increase their monthly income:
- SSI: It is designed for people who have less resources and income. This may provide additional monthly support.
- Supplemental Nutrition Assistance Program (SNAP): SNAP benefits are available to help seniors defray food shopping expenses.
- Delayed Retirement Credits: If a person is not currently receiving Social Security benefits, deferring their payments after their full retirement age (FRA) can increase their benefits by up to 8% each year until they are 70. Do not turn one year old.
- Spousal or Survivor Benefits: If they are married or widowed, seniors may receive additional Social Security benefits based on their spouse’s or deceased spouse’s wages.
Although Social Security plays an important role in retirement, the system is not one-size-fits-all. People on lower incomes can maximize their benefits, but there are many products and programs that people on lower incomes can boost their income
Financial stability can be achieved for retirees, through a variety of options such as Social Security, SNAP, and employment planning.
FAQ’s
In 67 years, what is the highest Social Security payout?
$3,822 per month.
How can they maximize Social Security benefits?
People make maximum payments to Social Security until age 35 and wait until age 70 to start collecting.