The Social Security Administration (SSA) will issue a maximum monthly payment of $4,873 on November 13, 2024, benefiting a select group of retirees.
This high payment level is achieved by only a few beneficiaries, as it requires meeting strict eligibility criteria. Here’s what you need to know about who qualifies, payment dates, and how different factors like birth dates and filing age impact the payment amount.
November Payment Schedule
The SSA’s November payment schedule breaks down based on the birth date of eligible retirees. This month, the largest possible Social Security check will be sent in three waves on these dates:
- November 1: For those receiving Supplemental Security Income (SSI), who will not receive payments later in November.
- November 13: For eligible retirees born between the 1st and 10th of any month.
- November 20: For those born from the 11th to the 20th.
- November 27: For retirees born between the 21st and 31st.
Recipients who receive payments on November 1 are typically SSI beneficiaries and will not qualify for subsequent payments within the month.
Requirements for the $4,873 Social Security Payment
This substantial $4,873 benefit is only accessible to retirees meeting several eligibility criteria. Here’s what it takes to qualify:
- Full Work History: You need a work history of 35 years or more, during which you paid Social Security taxes.
- Filing Age: To receive the maximum benefit, you must file at age 70. Filing at this age provides the highest monthly payment, thanks to delayed retirement credits.
- Maximum Earnings: You must have earned the taxable maximum or more during your highest-earning 35 years. This means your income was at or above the annual income cap, which changes each year.
- SSA-Covered Employment: Your employment history must consist of jobs covered by Social Security. Federal employees hired before 1984, for example, may not qualify since many were initially exempt from Social Security taxes.
Payment Reductions Based on Early Filing
If you meet most eligibility requirements but filed early (at age 62), the maximum payment drops to $2,710. This reduction is due to not receiving delayed retirement credits, which increase monthly benefits for those who delay retirement past their Full Retirement Age (FRA).
For retirees filing at Full Retirement Age (currently 67), the highest possible payment in 2024 is $3,822 per month. This amount reflects the standard benefits for those who qualify based on income and work history but who did not wait until age 70.
Impact of the 2025 COLA Increase
The 2025 cost-of-living adjustment (COLA) will increase benefits across the board, including those receiving the maximum $4,873. This annual adjustment helps ensure Social Security payments keep pace with inflation, providing a small but meaningful boost to beneficiaries as living costs rise.
Quick Comparison Table: Maximum Monthly Payments
| Filing Age | Monthly Payment (2024) |
|---|---|
| Age 70 | $4,873 |
| Full Retirement Age 67 | $3,822 |
| Early Retirement Age 62 | $2,710 |
How to Check Your Payment Date and Amount
If you’re uncertain about your payment date or eligibility, here’s how to find out:
- Check Your SSA Account: By logging into your Social Security account online, you can see your payment history and future payment dates based on your birthdate.
- Consult SSA Communications: SSA sends regular notices regarding payment dates, eligibility changes, and benefit increases.
Are You Eligible for the Maximum Payment?
Meeting the high threshold for the $4,873 payment requires earning consistently high wages and deferring benefits until age 70. Those who meet only some of these requirements will receive lower monthly payments, but they can still receive a significant boost from delayed retirement credits if they wait past FRA.
With the upcoming 2025 COLA adjustment, Social Security recipients can look forward to a modest increase, which should help with rising living costs. Knowing the eligibility criteria and filing age impact can help you make strategic decisions for your Social Security benefits.
