Millions of seniors can’t wait to collect more Social Security checks. These payments can go a long way in helping them cover necessary expenses and cope with skyrocketing prices in United States.
As the checks roll in, many retirees need to have a good plan and budget in place to make ends meet and prepare for Christmas. If you are not eligible for Social Security on December 3that check is more than likely yours.
However, you cannot get this money from Social security unless you have applied for benefits. You must apply, but it must have been after April 30, 1997. If you applied before May 1997, you will not receive this payment. In this case, you will have received it on December 3rd.
WHO WILL RECEIVE THE FIRST SOCIAL PAYMENT IN DECEMBER?
Except they didn’t apply for benefits before May 1997, you must have a specific date of birth. Otherwise, you won’t be able to get that average payment of about $1,841.
If your birthday falls on between the 1st and the 10th you will receive that Social Security retirement check. Note that other dates of birth are not eligible for this Social Security payment.
Social Security has arranged for check delivery based on both the filing date and the date of birth. Also, these payments arrive on Wednesdays.
If you miss between the 1st and 10th, you have to wait for the third round of Social Security payments, on the 20th and 27th, respectively.
HOW MUCH MONEY CAN I RECEIVE FROM MY SOCIAL SECURITY FOR DECEMBER 13?
On average, Social Security will send checks worth about $1,841 starting in September 2023, according to the SSA. However, the administration can give much higher payments. For example, they can pay up to $4,555 in 2023 at age 70. That amount will increase by 3.2% starting in January thanks to the COLA.
To get that big payment of $4,555, you must have worked for at least 35 years. Also, it is mandatory to retire at the age of 70. The last requirement is that you have exceptional income.
For example, if you want you get $4,555, you must earn the maximum taxable income for 35 years. This maximum taxable basis amounts to $160,200 in 2023. And it will increase to $168,600 in 2024.
So it’s not about earning a fixed amount every year, it’s about collecting the updated maximum taxable amount over 35 years. Undoubtedly, very few Americans will be able to reach these Social Security checks.