A significant Social Security payment of $4,873 is set to be disbursed to some retirees on the last payday in July.
This substantial amount is only available to those who have met specific eligibility criteria set by the Social Security Administration (SSA). Here’s everything you need to know about qualifying for this payment and the key dates to keep in mind.
Social Security payment worth $4,873 Requirements
To receive a Social Security payment of $4,873 in July 2024, retirees must meet four key conditions:
- Retirement Age: 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: A minimum of 35 years of work is required. This ensures that the calculation of the benefit amount 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 are considered. Jobs not covered by SSA contributions will not count towards Social Security benefits, 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 falls on July 24, 2024. To be eligible for this payment date, you 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.
FAQs
Who is eligible for the $4,873 Social Security payment?
Retirees who filed for benefits at age 70, worked for 35 years, paid Social Security taxes, and earned the taxable maximum for 35 years.
When will the $4,873 payment be made?
The payment will be made on July 24, 2024, to those who meet the eligibility criteria.
What are the average Social Security payments in July 2024?
The average payment is about $1,918.
When will SSI recipients receive their payments?
SSI recipients will receive their payments on August 1, 2024.
What if I began receiving benefits before May 1997?
Your next payment will be on August 2, 2024.
