The Social Security Administration (SSA) has announced the final payment dates for November 2024, with retirees potentially receiving up to $4,873 depending on their filing age and work history. These payments are issued on a staggered schedule, targeting specific groups of retirees and SSDI recipients.
Here’s what you need to know about eligibility requirements, payment schedules, and how to qualify for the maximum Social Security payment.
Payment Dates for November 2024
Social Security payments are distributed on Wednesdays, based on the recipient’s birthdate:
- November 20, 2024:
Payments are for retirees born between 11th and 20th of any month who filed after May 1997. - November 27, 2024:
Payments are for retirees born between 21st and 31st of any month who filed after May 1997.
These dates also apply to SSDI recipients, though their payment amounts may differ.
How to Qualify for Payments on November 20 or 27
General Requirements:
- Birthdate Range:
- November 20 payments: Birthdate between 11th and 20th.
- November 27 payments: Birthdate between 21st and 31st.
- Filed After May 1997:
Retirees or SSDI recipients who began receiving benefits after May 1997. - Not Receiving SSI:
Recipients of Supplemental Security Income (SSI) have different payment schedules.
Maximum Social Security Payments
Payment Amounts by Filing Age:
- Filed at Age 62:
Maximum payment is $2,710. - Filed at Full Retirement Age (66-67):
Maximum payment is $3,822. - Filed at Age 70:
Maximum payment is $4,873, due to delayed retirement credits.
How to Qualify for the $4,873 Maximum Payment
To receive the highest Social Security payment of $4,873, you must meet these requirements:
- Work History:
- Worked for at least 35 years.
- Avoided years with low or no earnings, as Social Security calculates benefits based on your highest-earning 35 years.
- Contribution Base:
- Earned the contribution and benefit base (the maximum taxable earnings for Social Security) for each of those 35 years. For 2024, the base is $168,600.
- Payroll Taxes:
- Worked jobs that required paying Social Security payroll taxes.
- Filing Age:
- Delayed filing until age 70 to receive the full delayed retirement credits, increasing benefits by 8% per year beyond full retirement age.
Tips to Maximize Social Security Benefits
- Delay Filing: Waiting until age 70 maximizes your monthly payments.
- Optimize Earnings: Aim to reach the contribution and benefit base consistently during your working years.
- Understand Spousal Benefits: If eligible, coordinate spousal or survivor benefits for higher payouts.
- Avoid Early Withdrawals: Filing before full retirement age significantly reduces monthly payments.
Receiving $4,873 per month in Social Security benefits is achievable with careful planning, a strong earnings record, and delayed filing.
If you’re approaching retirement or already receiving benefits, ensure you understand the payment schedules and eligibility requirements to make the most of your benefits.
For those who filed early or have a lower earnings history, smaller payments may still provide crucial financial support. Staying informed about your Social Security options can help secure your financial future.
