$4,873 Social Security Payments For These Retirees In Early October: Know Eligibility

Hundreds of retirees in the United States could soon receive Social Security payments worth up to $4,873 in early October 2024.

However, only those who meet specific requirements set by the Social Security Administration (SSA) will qualify for this maximum benefit amount.

The next round of payments is scheduled for October 3, 2024, but only certain groups of retirees will receive checks or direct deposits on this date.

Requirements to Receive the Maximum Social Security Payment of $4,873

To qualify for the maximum Social Security benefit of $4,873, retirees must meet all of the following four criteria:

1. Delay Retirement Until Age 70: To receive the largest possible monthly benefit, individuals must delay claiming Social Security until they reach the full retirement age of 70.
2. Earn the Contribution and Benefit Base for 35 Years: The worker must have consistently earned the taxable maximum (the maximum amount of earnings subject to Social Security taxes) for at least 35 years.
3. Work for 35 Years: Social Security benefits are based on the 35 highest-earning years of a worker’s career. Those who work fewer years will have zeros factored into their average earnings calculation, reducing their benefit.
4. Pay Social Security Taxes: The worker must have paid Social Security taxes (also known as FICA taxes) throughout their career.

Even if you do not meet all four requirements, fulfilling some of them can help you maximize your Social Security payments as much as possible.

Eligibility for the October 3 Payment

Only two groups of retirees will receive a Social Security payment on October 3, 2024:

1. Retirees who have been receiving Social Security since before May 1997: These individuals typically receive their benefits on the 3rd of each month.
2. Supplemental Security Income (SSI) Recipients: Retirees who qualify for SSI and are also receiving Social Security may be eligible for the October 3 payment.

However, not everyone will receive $4,873. The average Social Security payment for retirees is $1,920, and many low-income earners may receive even less, potentially qualifying for Supplemental Security Income (SSI) in addition to their regular Social Security payments.

Payment Dates for October 2024

• October 3: Payments for those who have been receiving benefits since before May 1997 and SSI recipients.
• October 9, 16, or 23: Payments for other Social Security beneficiaries, depending on their birth date.

While some retirees will receive the maximum benefit of $4,873, the majority will receive lower amounts based on their earnings history, work duration, and the age at which they claimed Social Security benefits.

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