INCOMING CASH: New Social Security check worth $4,873 in bank accounts today – and it’s the last chance to get your money this month
According to The Sun, Eligible Americans will see $4,873 checks deposited into their bank accounts today. This marks the last Social Security payment for the month for individuals whose birthdays fall after the 20th.
Payment Schedule Overview
The Social Security payment schedule is determined by several factors, including birthdate and the type of benefits received. Additionally, the benefit amount varies based on different criteria.
Maximum Monthly Social Security Benefits for 2024
To qualify for the maximum monthly Social Security benefit in 2024, individuals must consider the age at which they begin filing for benefits. According to the Social Security Administration, the maximum benefit amounts are as follows:
- Age 62: This is the earliest age to file, with a maximum benefit of $2,710 per month.
- Full Retirement Age (66 to 67): Individuals can receive up to $3,822 per month.
- Age 70: At this age, additional benefits stop accruing, allowing recipients to receive the maximum benefit of $4,873 per month.
To achieve the maximum benefit, individuals must have been high earners for at least 35 years and wait until full retirement age to claim their benefits.
Upcoming Cost of Living Adjustment (COLA)
Recipients can expect an increase in their payments due to the Cost of Living Adjustment (COLA). The COLA was raised to 2.5%, as announced on October 10, and the higher payments will be reflected starting January 2025. The average beneficiary will see a $48 increase in their monthly Social Security benefits, bringing the average monthly payment to $1,968.
What is Social Security?
The Social Security program provides financial support to Americans, including those in retirement, individuals with disabilities, and survivors of deceased workers.
- Retirement Benefits: Monthly checks that replace a percentage of a worker’s pre-retirement income, based on earnings and the timing of benefits initiation.
- Supplemental Security Income (SSI): Monthly payments for individuals with disabilities and older adults who have limited income or resources.
- Survivor Benefits: Monthly payments to eligible family members of workers who paid Social Security taxes prior to their death.
Also read: SNAP Benefits for Veterans: Income limits for VA beneficiaries to apply for food stamps
Remaining Payment Schedule for 2024
According to the Social Security Administration, the payment schedule for the remainder of the year is as follows:
November:
- 13
- 20
- 27
SSI Payments: November 1 and 29.
December:
- 11
- 18
- 24
SSI Payments: December 31.
For questions regarding eligibility, individuals are encouraged to visit the Social Security website for more information.