Double Payment of up to $4,873 by Social Security, Today and Next Week

Are you a retiree waiting for your Social Security payment? Good news—many people in the U.S. are about to receive their monthly checks or direct deposits. Some retirees may even get up to $4,873 this month. However, your payment date and amount depend on a few important details. Let’s go over what you need to know.

What Are Social Security Payments?

Social Security payments are monthly benefits for retired people, disabled individuals, or their families. The amount you get depends on how long you worked and when you decide to start receiving payments. If you wait until age 70, you can get the maximum amount. However, if you start receiving payments earlier, like at age 62, you’ll get a smaller amount each month.

Now, about that $4,873—this is the highest amount someone can get in 2024. Not everyone qualifies for this amount, though. Let’s talk about how these payments work and what you need to know about your upcoming check.

Payments Coming This Month

Some retirees are set to receive up to $4,873, but this depends on whether they meet all the requirements. Most people will get an average payment of around $1,919. The exact amount you receive depends on things like your work history and how long you’ve paid into Social Security.

No matter the amount, many retirees will see their payments soon. The first round of payments will be made on September 11. But don’t worry if you don’t get your payment then—there are two more dates this month.

Who Gets the September 11 Payment?

To get your Social Security payment on September 11, you need to meet two conditions:

1. You’ve been receiving benefits since after April 30, 1997.
2. Your birthday is between the 1st and the 10th of any month.

If your birthday is between the 11th and 20th, your payment will come on September 18. The last round of payments will be on September 25, for people whose birthdays are from the 21st to the end of the month.

Other Payment Dates

If you started getting Social Security payments before May 1997, your next payment will be on October 3. Also, if you receive both Social Security retirement benefits and Supplemental Security Income (SSI), your next payment will be on October 3, 2024.

How to Qualify for the Maximum Payment of $4,873

Not everyone can receive the highest amount of $4,873. To qualify, you must meet several requirements. Here’s what you need to get this payment:

• You worked for at least 35 years. This means you’ve paid into Social Security for a long time.
• You earned the maximum taxable income every year for 35 years. This is the highest amount of income that Social Security taxes are taken from.
• You waited until age 70 to file for Social Security. Filing before 70 means you’ll get less money.
• You didn’t break any Social Security rules.

If you meet all these conditions, you might get the full $4,873. However, most people will get less, especially if they filed before age 70.

How Early Filing Reduces Your Payment

If you decide to start getting Social Security before age 70, that’s totally fine! But know that filing early will lower your payment. For example, if you start at age 62, your payment could be up to 30% lower. The maximum amount you can get at age 62 is $2,710. If you wait until your full retirement age (around 66 or 67), you could get up to $3,822. Waiting until age 70 lets you receive the highest possible amount.

Why Waiting to File Is Important

Think of Social Security like a bank account that grows over time. The longer you wait (up to age 70), the bigger your monthly payment will be. While it can be tempting to start collecting at age 62, this will permanently reduce how much you get each month.

If you can afford to wait until age 70, you’ll receive more money every month for the rest of your life. This could really help you financially during your retirement.

Final Thoughts

Social Security payments vary depending on when you file and how long you’ve worked. Some retirees are eligible for up to $4,873, but most will receive an average of $1,919. Keep track of the payment dates this month to know when you’ll receive your money.

If you haven’t started receiving Social Security yet, think about waiting until age 70 to get the highest amount. It’s all about finding the right balance between what you need and when you need it.

Now that you know how it works, are you ready to check your eligibility and payment date? By understanding how Social Security works, you can make the best choices for your retirement and get the most out of your benefits.

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