$5,108 checks hitting pockets soon — Check every payment date in August

$5,108 checks hitting pockets soon — The US Social Security Administration (SSA) makes payments to approximately 70 million beneficiaries each month. Most of these beneficiaries are retired people. SSA has created a strict and systematic payment schedule so that everyone gets paid on time and can plan their monthly expenses properly.

As the new month begins, some beneficiaries are likely to receive a maximum payment of up to $5,108 from the SSA. However, there are specific conditions to meet to receive this maximum amount.

How does the SSA make payments?

With more than 70 million people to pay, the process needs to be organized and phased. The SSA makes payments to beneficiaries on different dates, depending on which fund you applied for benefits from, when you filed a claim, and whether you are receiving payments from more than one fund.

The SSA’s typical payment schedule looks like this:

• The second Wednesday of each month – for those born between the 1st and 10th of June.
• The third Wednesday of each month – for those born between the 11th and 20th of June.
• The fourth Wednesday of each month – for those born between the 21st and 31st of June.

In addition, if you are a Supplemental Security Income (SSI) beneficiary, your payment is different from the typical schedule.

• Those who receive only SSI receive payments on the first of each month.
• If you receive both SSI and retirement benefits, you are paid on the third.
• Those who claimed their retirement benefits before May 1997 are also paid on the third of each month.

Who can receive the maximum amount of $5,108?

Each month, the SSA makes payments according to a set procedure. As the new month arrives, SSI beneficiaries are paid on the first of the month, while retirement beneficiaries who claimed before May 1997 or who are receiving SSI as well as retirement payments are paid on the third.

Some of these beneficiaries will receive the maximum amount of $5,108, but keep in mind that the average retirement amount from the SSA is about $2,000.

You must meet certain eligibility requirements to receive the maximum amount:

• Wait until age 70 to claim your retirement benefits.
• Paid Social Security taxes for 35 years.
• Have at least 40 working credits.

The SSA allows you to claim retirement benefits as early as age 62, but you get the highest benefit if you wait until age 70. Note, there is no additional benefit if you wait past 70.

How to Maximize SSA Benefits?

Many people know that you must wait until age 70 to receive the maximum benefit from the SSA, but there are other ways you can increase your monthly payment. Once you claim benefits, you cannot increase them, so the right decision at the right time is important.

Some other ways you can increase SSA benefits:

• If you were married for 10 years and are now divorced, you may be entitled to spousal benefits – many people are unaware of this.
  
• The SSA always decides your amount based on your highest earning 35 years. If you have not earned income for a few years, the income from those years is considered “0” and it brings down your average.
  
• So, if you are just at the beginning of your career, make sure you continue earning income for 35 years to get maximum benefits.

Conclusion

The whole system of SSA is very organized, but to get the highest benefits, it is very important that you plan on time, understand the eligibility, and make sure you make the necessary credits and tax payments.

If you want to receive up to $5,108 per month in retirement, it is important to pay attention to your income, tax record and retirement planning now. SSA benefits not only make retirement secure, but with proper planning, it can also become a means of peace in life.

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