In the United States, the Social Security Administration (SSA) provides various benefits, including low-income assistance, disability payments, retirement benefits, and more. In 2024, a significant update regarding Social Security benefits is being rolled out, offering retirees the opportunity to receive a 24% increase in their monthly payments. This boost can be achieved by delaying retirement benefits until the age of 70.
Understanding Social Security Retirement Benefits
Retirement benefits in the U.S. are paid to individuals who have contributed to the Social Security system through taxes over the course of their careers. Eligible individuals can begin claiming these benefits at age 62, but starting benefits early results in smaller payments. For those born after 1960, the full retirement age is 67, at which point the maximum monthly benefit is $3,822. However, if individuals choose to wait past the full retirement age, they can receive an even larger benefit.
The 24% Extra Social Security Benefits in 2024
The extra 24% in Social Security benefits comes into play for those who delay their retirement claims until age 70. For every year you wait beyond your full retirement age, your monthly benefit increases by a percentage. Here’s a breakdown:
- At age 67 (full retirement age for those born after 1960), the retiree receives 100% of their benefit.
- At age 68, the benefit increases by 8%.
- At age 69, the benefit increases by 16%.
- At age 70, the benefit increases by 24%.
This increase means that retirees who wait until age 70 to claim their benefits will receive 24% more than if they had claimed at age 67. For example, if a retiree is entitled to $3,822 at age 67, waiting until age 70 would raise that amount to $4,737 per month.
Breakdown of the 24% Increase by Age
The following table shows how waiting for retirement benefits affects the monthly payment:
| Benefit Receival Age | Full Benefit | Raise | Total Benefit |
|---|---|---|---|
| 67 Years | 100% | – | 100% |
| 67 Years and 1 Month | 100% | 0.7% | 100.7% |
| 67 Years and 6 Months | 100% | 4% | 104.0% |
| 68 Years | 100% | 8% | 108.0% |
| 68 Years and 6 Months | 100% | 12% | 112.0% |
| 69 Years | 100% | 16% | 116.0% |
| 69 Years and 6 Months | 100% | 20% | 120.0% |
| 70 Years | 100% | 24% | 124.0% |
Social Security Retirement Payment Dates for 2024
Retirement payments in the U.S. are issued monthly, with the dates depending on the retiree’s birth date. Here’s the payment schedule for 2024:
| Month | Payment Dates |
|---|---|
| January | 10, 17, 24 |
| February | 14, 21, 28 |
| March | 13, 20, 27 |
| April | 10, 17, 24 |
| May | 8, 15, 22 |
| June | 12, 18, 26 |
| July | 10, 17, 24 |
| August | 14, 21, 28 |
| September | 11, 18, 25 |
| October | 9, 16, 23 |
| November | 13, 20, 27 |
| December | 11, 18, 24 |
Is the 24% Extra Social Security Benefit Reliable?
Yes, the 24% extra benefit for delaying retirement until age 70 is legitimate and reliable. Retirees who opt to wait until 70 to start receiving their benefits will receive the maximum payment, which includes the 24% increase. For confirmation, retirees can check the official SSA website.
FAQs on 24% Extra Social Security Benefits in 2024
Who is eligible for the 24% extra retirement benefit?
Retirees who delay their retirement benefits until they reach the age of 70 are eligible to receive the 24% increase.
Is the 24% increase in retirement benefits reliable?
Yes, it is fully reliable. Retirees can confirm this by visiting the official SSA website.
When are the retirement checks delivered?
The delivery of retirement checks depends on the retiree’s birth date. The SSA releases payments according to a specific schedule each month.
Can delaying retirement result in higher payments?
Yes, delaying retirement until the age of 70 can result in higher monthly payments due to the 24% increase.
Where can retirees confirm the 24% extra benefits?
Retirees can confirm their eligibility for the 24% extra benefits by visiting the official SSA website at www.ssa.gov.
