In late July 2024, a significant Social Security payment of $4,873 will be sent to some retirees. To receive this substantial amount, retirees must meet specific eligibility criteria set by the Social Security Administration (SSA). This article will explain the requirements and important dates to keep in mind.
Social Security Payment Worth $4,873 Requirements
Retirement Age
To qualify for the $4,873 payment, retirees must have filed for retirement benefits at the age of 70. This age maximizes the benefit amount due to delayed retirement credits.
Work History
Retirees need a minimum of 35 years of work. This ensures the benefit amount calculation is based on a long work history, maximizing the average earnings used in the formula.
Taxable Employment
Only jobs that pay taxes to the SSA count towards Social Security benefits. Jobs not covered by SSA contributions will not be considered, though they might offer separate pensions.
Earnings
Retirees must have earned the taxable maximum for 35 years. This means they consistently earned income up to the maximum taxable limit set by the SSA each year, contributing the highest possible amount into the Social Security system.
Payment Date
For those who meet all the conditions, the $4,873 payment will be sent on the fourth Wednesday of July, which is July 24, 2024. To be eligible for this payment date, retirees must also meet the following criteria:
- Your birthday is after the 20th of the month.
- You began receiving benefits after April 30, 1997.
- You are not receiving Supplemental Security Income (SSI).
Additional Payment Dates
For recipients who started receiving benefits before May 1997, the next payment will be on August 2. Those receiving SSI will receive their payments on August 1.
After the July 24 payment, Social Security has scheduled three more paydays on the second, third, and fourth Wednesday of August, specifically on August 14, 21, and 28. The average Social Security payment in July 2024 is expected to be around $1,918.
The upcoming $4,873 Social Security payment in late July 2024 is a considerable amount that requires careful planning and adherence to specific criteria. By ensuring you meet the age, work history, taxable employment,
and earnings requirements, you can maximize your Social Security benefits. Stay informed about your eligibility and the payment schedule to make the most of your retirement benefits.
1. Who is eligible for the $4,873 Social Security payment in July 2024?
Retirees who have filed for benefits at age 70, have 35 years of work history, worked in taxable employment, and earned the taxable maximum for 35 years.
2. When will the $4,873 Social Security payment be sent?
The payment will be sent on the fourth Wednesday of July, which is July 24, 2024.
3. What are the criteria for receiving the payment on July 24, 2024?
You must have a birthday after the 20th of the month, began receiving benefits after April 30, 1997, and are not receiving SSI.
4. What if I started receiving benefits before May 1997?
Your next payment will be on August 2, 2024.
5. How can I maximize my Social Security benefits?
Ensure you meet the age, work history, taxable employment, and earnings requirements to maximize your Social Security benefits. Stay informed about eligibility and payment schedules.