Only retirees aged 70+ who meet certain criteria will get $4,873 from Social Security within 48 hours – Full News

In just a couple of days, millions of American retirees are set to receive their Social Security payments, with some potentially collecting up to $4,873. However, not everyone will qualify for this maximum amount, and knowing the eligibility criteria is crucial. If you’re wondering whether you qualify for the upcoming payment on August 14, 2024, this article will help you determine your eligibility.

Payment

The Social Security Administration (SSA) follows a specific schedule for disbursing payments. The upcoming payment on August 14 is targeted at retirees born before the 11th of any month. If your birthday falls between the 11th and the 20th, your payment will be on August 21, while those born after the 20th will receive their payment on August 28. If you don’t meet the birth date requirement for these three dates, the SSA will send your next payment on September 3, 2024.

Maximum Benefit

To qualify for the maximum Social Security benefit of $4,873, there are four essential requirements:

1. File at Age 70: The first and perhaps most important criterion is to wait until you turn 70 before filing for Social Security benefits. By delaying your retirement benefits until age 70, you can earn delayed retirement credits, which could increase your benefit by up to 24%.
2. Work for 35 Years: You must have worked for at least 35 years in jobs covered by the SSA. During these 35 years, it’s essential that you earned the maximum taxable income for Social Security purposes, as your benefits are calculated based on your highest 35 years of earnings.
3. Maximize Earnings: Over your working career, you should have consistently earned at or above the maximum contribution and benefit base. This base is the maximum amount of earnings subject to Social Security tax each year. However, simply earning a high income isn’t enough; you must also ensure that you’re paying Social Security taxes on those earnings.
4. Avoid Early Retirement: Those who started receiving Social Security retirement benefits before May 1997 or are on Supplemental Security Income (SSI) are not eligible for the maximum benefit. Early retirement reduces your monthly benefit amount, which disqualifies you from receiving the top payout.

Are You Eligible?

To be eligible for the Social Security payment on August 14, 2024, you must meet the birth date criteria. However, even if you qualify for this payment date, it doesn’t guarantee you’ll receive the maximum benefit amount. The payment amount you receive is based on your earnings history, retirement age, and whether you meet the key criteria mentioned above.

If you’re unsure about your eligibility or the amount you might receive, it’s always a good idea to check with the SSA directly or consult your most recent Social Security statement.

The upcoming payment is just one of many in the SSA’s schedule, so even if you don’t qualify for this round, future payments are just around the corner. Remember, the key to maximizing your Social Security benefits lies in strategic planning, including delaying your retirement, maximizing your earnings, and ensuring you meet all eligibility requirements.

FAQs