For American retirees, understanding when Social Security payments will be disbursed is crucial for financial planning. The third round of payments for August 2024, scheduled for August 28, is set to provide eligible recipients with up to $4,873.
If you’re among those who haven’t yet received your August payment, here’s what you need to know.
Eligibility for August 28 Payment
To qualify for the Social Security payment on August 28, 2024, you need to meet several specific criteria. First and foremost, you must have already filed and received approval from the Social Security Administration (SSA).
Additionally, this payment date is reserved for those who are not receiving Supplemental Security Income (SSI) and who were not receiving Social Security benefits before May 1997.
One crucial factor that determines your payment date is your birth date. Specifically, this round of disbursement is for retirees whose birthdays fall between the 21st and 31st of any month.
Generally, individuals born in this date range receive their payments on the fourth Wednesday of the month, which for August 2024, is the 28th.
Future Social Security Payments
For those not receiving their payment on August 28, the SSA has scheduled the next round of payments as follows:
- September 3: For individuals receiving both SSI and Social Security or those who have been receiving benefits since before May 1997.
- September 11: For retirees born between the 1st and 10th of any month.
- September 18: For retirees born between the 11th and 20th of any month.
- September 25: For retirees born between the 21st and 31st of any month.
It’s important to stay informed about these dates, as the SSA occasionally reschedules payment dates due to holidays or other administrative reasons.
How to Qualify for the $4,873 Payment
While the average Social Security payment for retirees is approximately $1,919, some individuals can receive significantly higher payments, with the maximum reaching up to $4,873. To qualify for this higher amount, you must meet the following four requirements:
- Work History: You must have worked for a minimum of 35 years. Social Security benefits are calculated based on your highest-earning 35 years, so having a long work history is essential.
- Income Threshold: Throughout those 35 years, you must have earned income that meets or exceeds the contribution and benefit base, which is the maximum amount of earnings subject to Social Security tax each year.
- Filing Age: To receive the maximum benefit, you must have waited until age 70 to file for Social Security retirement benefits. Filing at age 70 allows you to take advantage of delayed retirement credits, which increase your monthly benefit amount.
- Payroll Taxes: You must have paid sufficient payroll taxes into the Social Security system during your working years. Only jobs covered by Social Security count towards your eligibility.
If you meet all these criteria, you could receive the maximum payment of $4,873. However, if you filed for benefits at your Full Retirement Age (typically between 66 and 67), your maximum payment could be up to $3,822.
If you opted to file early, as early as age 62, the maximum you could receive would be $2,710.
Understanding these details can help you maximize your Social Security benefits and ensure that you receive the amount you’re entitled to based on your work history and filing decisions.
FAQs
When will I receive my Social Security payment in August 2024?
If your birthday is between the 21st and 31st, expect payment on August 28.
What if I receive SSI and Social Security?
Your payment will be on September 3 if you receive both SSI and Social Security.
How much can I get if I file at age 70?
You could receive up to $4,873 per month if you meet all the requirements.
Will my payment be lower if I file early?
Yes, filing before Full Retirement Age can reduce your payment to as low as $2,710.
How do I qualify for the maximum Social Security payment?
Work for 35 years, earn at the taxable income base, file at 70, and pay sufficient payroll taxes.
