Next $4,873 Social Security payment for retirees aged 70 and older – Coming in less than one week

For retirees aged 62 and older, August 2024 brings two crucial Social Security payment dates. However, not everyone will receive the maximum direct deposit, and eligibility criteria can be stringent. Knowing these payment schedules and requirements is essential for retirees who rely on Social Security for financial support.

Payment Dates

In August 2024, the Social Security Administration (SSA) has scheduled two payment dates for retirees. These payments are distributed based on the recipient’s birthdate, making it important to note when your payment is due.

August 21, Payment

The first payment date falls on August 21, 2024. Retirees whose birthdays are between the 11th and 20th of any month will receive their Social Security benefits on this date. It’s important to note that not all retirees are eligible for this payment, especially those who have been receiving benefits for over 27 years or are on Supplemental Security Income (SSI). Specifically, individuals who have been on benefits before May 1997 will receive their payment on a different date, September 3, 2024.

August 28, Payment

The second payment date is August 28, 2024. This payment is for retirees born between the 21st and 31st of any month. Those who meet this criterion can expect to receive their Social Security benefits on this date.

Maximum Payment

The maximum Social Security payment is a significant concern for many retirees, particularly those who have reached the age of 70. In 2024, the highest possible payment for retirees is $4,873. However, qualifying for this amount is not easy.

Requirements

To be eligible for the maximum payment, retirees must have met several stringent conditions:

1. Age Requirement: You must be 70 years old to qualify for the maximum Social Security benefit.
2. Work History: You need to have worked for at least 35 years, earning the taxable maximum each year. This means that for each of those 35 years, your income must have reached or exceeded the Social Security taxable maximum, which is the income level subject to Social Security taxes.
3. Covered Employment: Your work history must include jobs covered by the SSA, ensuring that you have consistently paid Social Security taxes throughout your career.

If you fall short in any of these areas—whether it’s fewer years of work, lower earnings, or gaps in covered employment—you won’t qualify for the maximum $4,873 monthly benefit.

Other Benefits

While the maximum Social Security payment is appealing, the reality is that most retirees receive a lower amount. As of June 2024, the average monthly Social Security benefit for retired workers was $1,918. This figure reflects what many retirees can expect, rather than the lofty maximum payment.

For those who find their Social Security payments insufficient, there are additional benefits to explore. Applying for Supplemental Security Income (SSI) or the Supplemental Nutrition Assistance Program (SNAP) can provide extra financial support. These programs are designed to assist low-income individuals, including retirees, in covering their basic needs.

August 2024 is a critical month for Social Security recipients, with two key payment dates depending on your birthdate. However, only a select few will qualify for the maximum payment of $4,873, which requires meeting stringent eligibility criteria.

For most retirees, the average Social Security payment is more realistic, but additional benefits like SSI and SNAP can offer extra support if needed. Staying informed about payment schedules and eligibility requirements is crucial to ensuring you receive the benefits you’re entitled to.

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