Social Security Alert: $4,873 Payments Arriving Today—Don’t Miss Out!
According to The Sun, Today marks the last Social Security payment for this month for eligible individuals whose birthdays fall after the 20th. Those receiving these payments can expect checks to hit their bank accounts today.
Understanding the Payment Schedule
The Social Security payment schedule is influenced by several factors, including birthdate and the type of benefits received. The benefit amount is also determined by various criteria.
Maximum Monthly Benefits for 2024
To qualify for the maximum monthly Social Security benefit in 2024, individuals must consider the age at which they begin filing for benefits:
- Age 62: The youngest age to file, with a maximum benefit of $2,710 per month.
- Full Retirement Age (66-67): Allows for a maximum benefit of $3,822 per month.
- Age 70: At this age, extra benefits stop accruing, and recipients can receive a maximum benefit of $4,873 per month.
To achieve the maximum benefit, individuals must have been high earners for 35 years and wait until their full retirement age to claim.
Upcoming Increase in Payments
Beneficiaries will soon see an increase in their payments due to the Cost of Living Adjustment (COLA), which was announced on October 10. The COLA for 2024 will be 2.5%, with higher payments reflected starting in January 2025.
The average beneficiary will experience an increase of $48 per month, raising the average monthly payment to $1,968.
What is Social Security?
The Social Security program provides crucial financial support for Americans, including:
- Retirement Benefits: Monthly checks that replace a percentage of a worker’s pre-retirement income, based on earnings and the age benefits begin.
- Supplemental Security Income (SSI): Monthly payments for individuals with disabilities and older adults with limited income or resources.
- Survivor Benefits: Monthly payments to eligible family members of deceased workers who paid Social Security taxes.
Remaining Payment Schedule for 2024
According to the Social Security Administration, the remaining payment schedule for the year is as follows:
November
- 13
- 20
- 27
SSI payments are scheduled for November 1 and 29.
December
- 11
- 18
- 24
SSI payments will be made on December 31.
For any questions regarding eligibility, individuals are encouraged to visit the Social Security website.
