$4873 Social Security Payment on these dates in September: Retirees across the United States can accurately plan their finances as the Social Security Administration (SSA) releases its payment schedule at the beginning of each year. This detailed schedule helps recipients organize their monthly budgets, ensuring timely financial planning for household and personal expenses.
The SSA payment schedule is especially vital for retirees, as it allows them to know exactly when they will receive their benefits. The next major Social Security payment in September 2024 will be directed towards a specific group of American retirees. This particular payment is exclusively available to retirees who meet certain eligibility criteria, ensuring that only those qualified will receive their Social Security benefits without any complications.
Typically, Social Security retirement payments are issued on Wednesdays, starting from the second week of each month. Exceptions are made for those also receiving Supplemental Security Income (SSI) or those who have been receiving Social Security checks since before May 1997. In September 2024, Social Security checks will be sent out with a possible maximum payment of $4,873, depending on the recipient’s retirement age and income history.
Significance of the $4873 Social Security Payment in September 2024
The importance of Social Security payments, particularly the $4,873 maximum payout, is paramount for many retirees. For individuals aged 65 and older, these payments play a critical role in maintaining financial stability, covering a broad range of necessary expenses.
Social Security payments help retirees afford essential costs like housing, healthcare, daily living needs, taxes, and debt. They also provide funds for recreational activities, hobbies, and travel. These benefits allow seniors to uphold a dignified standard of living while still engaging in enjoyable pursuits.
By receiving up to $4,873, beneficiaries can better manage the increasing costs of healthcare, rent or mortgage payments, and other living expenses. Social Security is designed to ensure that retirees can continue living independently without facing financial difficulties.
$4873 Social Security September 2024 Payment Schedule
he Social Security Administration (SSA) will begin the second wave of September payments on Wednesday, September 11, 2024. This specific round of payments is targeted toward retirees who did not qualify for the earlier payment scheduled for September 3. To be eligible for the September 11 payment, retirees must adhere to the following birthday-based guidelines:
- On September 11, retirees born between the 1st and 10th of any given month will receive their payment.
- Those born between the 11th and 20th will get their payment the following week on September 18.
- Lastly, retirees born between the 21st and 31st will receive their payment on September 25.
$4873 Social Security Benefit September 2024 Eligibility Criteria
To be eligible for the upcoming Social Security payment on September 11, 2024, retirees must meet certain conditions:
- However, they are not eligible for the payment that was issued on September 3.
- They started getting help after April 30, 1997.
- Their birthdate falls between the 1st and 10th of any given month.
For those whose birthdays fall between the 1st and 10th, the Social Security payment will be deposited on September 11. Retirees born between the 11th and 20th will receive their payment on September 18, while those born between the 21st and 31st will receive their deposit on September 25.
Also Read: $12,000 Stimulus Checks in September 2024
Factors Affecting Social Security Payments in 2024
While many retirees expect to receive substantial payments, the actual amount can vary based on multiple factors. The size of each Social Security check is influenced by career earnings and the age at which the retiree chooses to start collecting benefits.
In 2024, retirees can start receiving their Social Security benefits as early as age 62, at which point they can receive a maximum of $2,710 per month. If they wait until the full retirement age of 67, the maximum benefit increases to $3,822. Those who delay their benefits until age 70 can receive the maximum possible payment of $4,873.
However, most recipients do not receive the maximum amount, as the final payout is determined by their lifetime earnings and the age at which they decide to start collecting. It’s also worth noting that the payment date, while predictable, does not guarantee the full maximum amount for all recipients.
$4873 Social Security Payment Dates Based on Birth Date (2024 Schedule)
- Birthdays from the 1st to the 10th: Payments are issued on the second Wednesday of the month. Example dates: February 14, March 13, April 10, May 8, June 12, July 10, August 14, September 11, October 9, November 13, December 11.
- Birthdays from the 11th to the 20th: Payments are issued on the third Wednesday of the month. Example dates: January 17, February 21, March 20, April 17, May 15, June 19, July 17, August 21, September 18, October 16, November 20, December 18.
- Birthdays from the 21st to the 31st: Payments are issued on the fourth Wednesday of the month. Example dates: January 24, February 28, March 27, April 24, May 22, June 26, July 24, August 28, September 25, October 23, November 27, December 25 (moved to Friday, December 20, due to the holiday).
$4873 SSI Benefit and Full Retirement Age
Many retirees are eager to learn how to optimize their Social Security benefits. The maximum possible benefit amount is determined by the age at which the retiree starts claiming benefits.
- At Full Retirement Age (FRA) of 67: The maximum benefit is $3,822 per month.
- At Age 62: The maximum benefit is $2,710 per month.
- At Age 70: The maximum benefit is $4,873 per month.
To receive the highest possible monthly payment, it is advisable to delay claiming benefits until age 70. This strategy allows retirees to benefit from delayed retirement credits, which increase monthly payments for every year benefits are deferred beyond the full retirement age.
To qualify for the maximum benefit, retirees must have worked for at least 35 years, consistently contributed to the SSA benefit base, and held jobs that paid sufficient Social Security taxes. It is rare for most individuals to receive the full $4,873 monthly benefit, as it requires a combination of factors, including maximum earnings over several decades.
Average Social Security Benefits
For most recipients, Social Security payments fall below the maximum amount. As of August 2023, the average monthly retirement payment was $1,919. If a retiree’s earnings fall significantly below this average, they may also qualify for Supplemental Security Income (SSI), which provides additional federal assistance.
The next SSI payment is scheduled for October 1, 2024, with eligible recipients potentially receiving up to $943. SSI is designed to help low-income individuals meet their basic needs, and qualifying for this federal assistance can significantly supplement Social Security payments for those in need.
Factors That Impact Social Security Benefits
Social Security benefits are calculated annually based on factors such as lifetime earnings, cost-of-living adjustments (COLA), and other relevant data. The Average Indexed Monthly Earnings (AIME) is calculated by indexing the highest earnings over 35 years to account for changes in wage levels. This amount is then used to determine the Primary Insurance Amount (PIA), which represents the benefit a retiree would receive if they start collecting at full retirement age.
Other benefits, like those for disabled workers or surviving spouses, can also affect the overall benefit a recipient receives. Understanding how these various factors work together is key to making informed decisions about retirement and financial planning.
How to Create an Account and Verify Payment Status
- To track your Social Security payments, you must create a “My Social Security” account on the official SSA website at https://www.ssa.gov/myaccount/.
- Once logged in, you can check your payment history and upcoming payments under the “Benefits and Payments” section.
Here, you will also be able to download historical payment information.
FAQs on $4873 Social Security Payment in 2024
Is it true that the $4873 Social Security payment is coming in 2024?
Yes, eligible retirees can receive up to $4,873 in 2024.
What is the age requirement to receive the $4873 payment?
To receive the maximum payment, you must be 70 years old.
Where can I apply for SSA payments?
Visit the official SSA website at www.ssa.gov to apply.