70-year-olds who meet all the requirements can get up to $5,108 from the Social Security Administration (SSA) in May. Retirees can get their monthly payments on one of the four paydays SSA has set. For example, some retirees, regardless of their age, can get their monthly payments from the Agency on May 2, May 14, 21, or 28.
On average, retirees get $1,980 from Social Security. However, if you paid more taxes than average and you were a high earner for more than 35 years, it is more than likely that your monthly payment is higher. The more you pay on payroll taxes, the higher your future payment in retirement will be. Even if you can make ends meet with your current wage, it is always advisable to promote and get a better salary to boost retirement benefits before you file.
Key conditions to get Social Security payments worth $5,108
Bear in mind that it is a real challenge to meet all the conditions that SSA established. In the first place, the four requirements are essential. So, only one of them will not be enough, even if it helps you boost your benefits.
- It is required to file when you turn 70 years old (retirees benefit from an 8% reward per year after Full Retirement Age)
- It is necessary to have jobs that pay payroll taxes to Social Security, so only jobs covered by the SSA help you get these benefits in retirement
- It is mandatory to have worked for a minimum of 35 years
- It is compulsory to have earned the taxable maximum for 35 years as well
Remember that if you meet all these requirements, or you will meet them soon, you can apply for retirement benefits a few months before you turn 70. In this way, the Social Security Administration will be able to process payments on time.
When could 70-year-olds receive $5,108 from Social Security in May?
In fact, eligible 70-year-olds can get up to $5,108 on May 2 if they started collecting benefits before May 1997. Those on SSI benefits and retirement benefits qualify for the May 2 payment as well.
However, their monthly payment will be low because SSI is only for low-income recipients. Hence, they do not qualify for a $5,108 payment. Other retirees will have to wait for a payment of up to $5,108 till May 14, 21 or 28.
May 14 will be the first round of Wednesday payments in the United States next month. After this, there will be two more rounds of Wednesday payments for eligible retirees.
Basically, retirees must have begun receiving Social Security payments after April 30, 1997. They cannot be receiving SSI simultaneously to qualify for any of the Wednesday payments either. Birthdays are key to qualify for the first, second or third round.
- May 14: birth date from 1-10
- May 21: birth date from 11-20
- May 28: birth date from 21-31