CASH BOOST: Americans to get payment worth up to $4,873 – But your birthday determines when the check drops in accounts
According to The SUN USA, A payment of over $4,500 is set to be deposited into some bank accounts, but the exact date will depend on your birthday.
Social Security recipients could receive as much as $4,873, which is currently the maximum monthly benefit. However, the precise amount of the payment will vary for each recipient, as it depends on previous earnings and the age at which they began claiming benefits.
The payment dates are also determined by the recipient’s birthday. According to the 2024 Social Security Benefit Payment calendar:
- Those born between the 1st and 10th of the month will receive their benefits on the second Wednesday of each month.
- Those with birthdays between the 11th and 20th will get their payments on the third Wednesday of the month.
- Retirees born between the 21st and 31st will receive their checks on the fourth Wednesday of the month.
For September, the first wave of payments will be issued on the 11th, followed by the second wave on the 18th, and the final round of payouts on the 25th.
How Much Will You Receive?
The payment amount is based on an individual’s lifetime earnings, birth year, and the age at which they begin receiving benefits. The Social Security Administration (SSA) considers the number of credits earned through years of work to determine eligibility for retirement benefits. It also calculates the average indexed monthly earnings over a 35-year period, focusing on the highest earnings during that time.
Other factors influencing the benefit amount include the age at which you start claiming benefits. Those who begin at age 62 will receive a reduced amount, while those who delay retirement until age 70 can receive an increase for each month they defer.
For 2024, the maximum monthly benefit of $4,873 is available only to those who waited until age 70 to retire. Individuals who retire at their full retirement age can receive up to $3,822 per month. Full retirement age varies by birth year:
- For those born in 1957 or earlier, full Social Security benefits can already be claimed.
- The full retirement age gradually increases for individuals born between 1955 and 1960, reaching 67.
- For anyone born in 1960 or later, full retirement benefits are payable at age 67.
Conversely, those who claim benefits as early as age 62 will receive the lowest maximum amount, currently $2,710 per month.
Changes Are Coming
Later this month, Social Security recipients will see three significant changes as new rules take effect on September 30. These rules will expand the definition of a public assistance household, making more people eligible for payments, according to the SSA.
For instance, individuals receiving SNAP food benefits may also become eligible for Supplemental Security Income (SSI), as well as those living in households where not everyone qualifies for public funding.
Looking ahead to 2025, a non-profit group has estimated that the cost of living adjustment (COLA) could result in a 2.6% increase for seniors to help cope with inflation, although the official figure will not be announced until next year.
