Hundreds of people in the U.S. could receive a new payment on July 10. The Social Security Administration (SSA) will send a direct deposit to those who began receiving benefits since May 1997 and whose birthdays are between the 1st and 10th of any month of the year.
To receive a payment of up to $4,873 on July 10, you must have applied for benefits when you turned 70. However, there are other conditions that must be met.
Requirements to receive $4,873 of Social Security on July 10
The SSA requires workers to have paid payroll taxes for at least 35 years.
If you haven’t paid enough taxes, you may not even receive retirement benefits.
In addition, you must have enjoyed a high salary. And unless you have earned the maximum taxable amount for 35 years, you will not be able to receive the $4,873 on July 10.
Retirees eligible on July 17 and 24
If you meet all the requirements to receive a Social Security payment of $4,873 in July, but your birthday is after the 10th, you can receive the payment on July 17 or 24. The conditions are the same:
–Apply for Social Security benefits at age 70.
–Have jobs covered by the SSA.
–Work for a minimum of 35 years.
–Have earned the contribution and benefit base for 35 years or more.
To receive a payment of up to $4,873 on July 17, your date of birth must be between the 11th and the 20th.
Those born between July 21 and July 31 will receive it on July 24 if they meet all eligibility requirements.
Is it necessary to apply for Social Security benefits at age 70?
Your Social Security benefits stop increasing once you reach age 70. There is no additional benefit to waiting beyond this age to claim your benefits.
If you are 70 or older and have not yet applied for your Social Security retirement benefits, you should do so now. You can receive benefits even if you are still working.
Every year you work, Social Security reviews your earnings history. If your last year of earnings is one of your best 35 years, your benefit amount will be recalculated.
The change from survivor benefits to your own retirement benefit at age 70 is not automatic. You need to apply for your retirement benefit, even if it is less than your current survivor benefit. Social Security will then pay you the higher of the two benefits.
Delaying benefits beyond age 70 will not increase your benefit amount. Your benefit is highest at age 70. At that age, you receive Delayed Retirement Credits of 132% of your full retirement age benefit.
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