There are two possible paydays for retirees on Social Security, of course, they can only collect one of them as long as they qualify. If you are aged 62 and up to the age of 70, it is possible to know the maximum benefit amounts in July. Bear in mind that 62-year-olds can file early, but their payment is considerably reduced. Late filing at the age of 70 gives you a 24% reward.
Thus, collecting extra money is possible if you delay retirement until you are 70. The last two paydays left in July are only for those retirees who started collecting Social Security after April 30, 1997. So, you can’t have started collecting payments before May 1997. Besides, the retirees receiving Supplemental Security Income payments do not qualify for the paydays left in July.
When will 62-70-year-olds collect Social Security?
The official schedule for retirees unveiled by the Social Security Administration shows two possible paydays in July. The next payment date will be distributed on July 16, 2025.
To receive money on July 16, your birthday must fall on one of these days: from the 11th to the 20th, regardless of the year or month you were born. This payment is just for those who did not collect benefits before May 1997 and don’t receive SSI.
On July 23, there will be a final payment this month for retirees aged 62-70. Of course, you could receive it the payments on the 16th or on the 23rd if you are older than 70, but this article is focused on these ages due to the fact that it compares maximum amounts at these ages.
- retirement benefit payment available on July 16: retirees born from 11-20
- retirement benefit payment available on July 23: retirees born from 21-31
Retires who receive their Social Security payment on July 3 will collect the new direct deposit on August 1, 2025. If your last payday was July 9, then your August payday will fall on the 13th. So, 4 days later, if compared to the July payments in 2025.
Who can collect the maximum amount from Social Security on July 16-23?
It is not possible for 62-year-olds to collect up to $5,108 because this is the maximum benefit payment for retirees who file at the age of 70. Other requirements are necessary to collect such a large direct deposit.
In fact, you must have:
- filed for Social Security at the age of 70
- worked for 35 years
- had jobs covered by the SSA
- earned the taxable maximum all those years or more (35 at least)
Another possibility for high earners is to collect up to $2,831, maximum payment at the age of 62. However, they are saying goodbye to $2,277. Had they waited to file at the age of 70, they would have collected a great deal more.
Even if you wait to file at the Full Retirement Age you can collect a lot more. The maximum retirement benefit at the Full Retirement Age is $4,018 in 2025. FRA is 66 years and 10 months in 2025.
