Social Security Payments – Up to $4,873 Due Today and Also Next Week

Many retirees receive Social Security payments, but the amounts vary widely. Some can qualify for a maximum payment of $4,873, while others may receive an average payment of $1,919. The exact amount depends on your work history, when you start collecting, and if you meet the criteria set by the Social Security Administration (SSA). Addressing the eligibility requirements and timing for these payments is key to maximizing your benefits.

Payment Schedule

In September 2024, Social Security payments are going out in three rounds, with the first round landing on September 11. If you’re receiving retirement benefits and haven’t received your payment yet, it could be on its way in the coming weeks.

The SSA has divided payment dates based on your birth date:

• September 11: For those born between the 1st and 10th.
• September 18: For those born between the 11th and 20th.
• September 25: For those born between the 21st and 31st.

If you started receiving benefits before May 1997, your payment will come on October 3, 2024. This date also applies to retirees receiving Supplemental Security Income (SSI) alongside their Social Security benefits.

Eligibility Requirements

So, what qualifies you for that massive $4,873 payment? To put it simply, not everyone will receive the maximum amount. Here’s a breakdown of the necessary criteria to maximize your Social Security benefit:

Work for 35 Years

To be eligible for the maximum payment, you must have worked for 35 years in jobs covered by the SSA. That’s a long time, but it’s essential since Social Security calculates your payment based on your highest-earning 35 years. If you don’t have 35 years of earnings, the SSA will factor in zeros, which can lower your monthly benefit.

Earn the Taxable Maximum

Over those 35 years, you need to have earned the “taxable maximum” each year. This refers to the highest amount of income subject to Social Security taxes. In 2024, this amount is $168,600, but it has been lower in past years. Only earnings up to this maximum are considered when calculating your benefit, so consistently hitting this ceiling is crucial to qualify for the maximum payout.

File at Age 70

Filing for benefits at age 70, rather than earlier, is a big part of getting that $4,873 check. While you can start collecting Social Security as early as age 62, doing so will reduce your monthly payment. Filing at age 62 results in a 30% reduction in benefits, so instead of getting the maximum $4,873, your check would be closer to $2,710. Waiting until your Full Retirement Age (FRA) increases the amount, with the highest payment coming if you wait until age 70.

Pay Enough Social Security Taxes

You need to have paid Social Security taxes throughout your working life to qualify for benefits. This means that for each year you worked, you paid a portion of your earnings into the system through payroll taxes. The more you’ve paid over time, the higher your potential benefit.

No Broken Rules

Finally, you must avoid breaking any rules set by the SSA, which could result in penalties or reduced benefits. This includes things like working while receiving early benefits, which can reduce your payments, or failing to report income correctly.

Payment Scenarios

The amount you receive depends heavily on when you file for benefits. Here’s how different filing ages affect your payments:

If you file before age 70, your payment will be reduced. For example, if you file at 62, the maximum amount you can receive is $2,710, while waiting until your FRA will net you $3,822. The longer you wait, the larger your check will be, with the full $4,873 available only to those who wait until 70.

Regardless of your filing age, understanding your work history and earnings is crucial to estimate how much Social Security you can expect to receive.

Even though $4,873 is the maximum possible payment, the average Social Security check in 2024 is around $1,919. If you didn’t earn the taxable maximum or file at 70, your payment will likely be closer to this average.

Maximizing your Social Security payment takes years of planning, consistent work, and smart filing decisions. Even if you don’t qualify for the maximum benefit, making strategic choices can ensure you get the most out of what you’ve earned.

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