How Retirees Aged 70+ Can Receive $4,873 from Social Security: Know Eligibility & Payment schedule

In just a few days, the Social Security Administration (SSA) will disburse another round of payments, with some retirees receiving as much as $4,873.

This payment, scheduled for August 14, 2024, is particularly noteworthy for retirees aged 70 and older who meet specific criteria. If you’re among those eligible, your money could be in your bank account within 48 hours.

Timing

The SSA follows a strict payment schedule to ensure that all eligible retirees receive their benefits on time. On August 14, millions of retirees will receive their monthly Social Security checks.

However, to be eligible for this payment, you must have filed for and received approval from the SSA.

If you began receiving Social Security benefits before May 1997 or if you are currently on Supplemental Security Income (SSI), you will not be eligible for this particular payment.

Requirements

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

1. File at Age 70: The first requirement is that you must have waited until age 70 to file for Social Security benefits. By delaying your benefits until this age, you earn delayed retirement credits, which can boost your monthly payment by up to 24% compared to filing at full retirement age.
2. Work for 35 Years: You must have worked for 35 years in jobs covered by Social Security. The SSA calculates your benefit based on your highest 35 years of earnings. If you worked fewer than 35 years, zeros are factored into the calculation, lowering your benefit amount.
3. Meet the Earnings Threshold: During those 35 years, you must have earned the maximum taxable earnings each year. This threshold changes annually, but for 2024, the maximum amount of earnings subject to Social Security tax is $160,200. Only those who consistently meet this earnings cap over 35 years can qualify for the maximum benefit.
4. Pay SSA Taxes: Even if you earned a significant income, you must have paid Social Security taxes on those earnings to be eligible for the maximum benefit. High earners who didn’t contribute to Social Security through payroll taxes won’t qualify for the top payout.

Payment Dates

If you were born before the 11th of any month, your next payment will be on August 14. For those born between the 11th and 20th, payments will be made on August 21. Finally, if your birthday falls after the 20th, you can expect your payment on August 28.

These dates are crucial, as they determine when you will receive your monthly Social Security benefit. It’s important to remember that if you don’t meet the specific eligibility criteria for the August 14 payment, your payment will be scheduled for a later date.

Maximizing Benefits

For those who have not yet filed for Social Security, understanding these requirements can help you maximize your benefits.

Delaying your claim until age 70, ensuring a 35-year work history, and consistently meeting the earnings threshold are key to receiving the highest possible payment.

Additionally, staying informed about SSA’s payment schedule and eligibility rules can help you plan your finances more effectively. If you’re approaching retirement age, consider how these factors may influence your decision on when to file for benefits.

In summary, the upcoming Social Security payment on August 14 is an important event for eligible retirees aged 70 and above. By meeting the specified criteria, you could receive up to $4,873, providing significant financial support in your retirement years.

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