Within the next 48 hours, the Social Security Administration (SSA) will send a new payment to retirees in the United States.
Please note that to receive one of these payments, regardless of the amount, you must have requested and obtained approval from the SSA.
Additionally, those who receive Supplemental Security Income (SSI) or those who began receiving Social Security retirement benefits before May 1997, more than 27 years ago, will not be eligible.
$4,873 from Social Security coming soon
The next payment for retirees will be made on August 14, according to the SSA payment schedule. In just 2 days, millions of American retirees will receive a new monthly payment of up to $4,873.
There are 4 main requirements to receive the higher retirement payment on August 14, 2024.
The first is to apply for Social Security when you turn 70, but not before.
This allows you to earn late payment credits, which can increase the amount by 24% in most cases.
To qualify for the maximum Social Security payment, you need to have worked for 35 years in jobs that are covered by Social Security.
This means that during those years, both you and your employer paid Social Security taxes.
Additionally, you must have earned a high enough salary each year to meet what is called the “contribution base.”
The contribution base is the maximum income limit on which Social Security taxes are calculated.
In other words, if you earn at least this amount each year, you will be maximizing your future Social Security benefits.
Those who make a lot of money but pay no taxes to the SSA are not eligible for a check of up to $4,873.
Eligibility for Social Security payment on August 14
To receive money from the SSA on August 14, you must also meet the date of birth requirement.
If you were born before the 11th of any month of the year, your next payment will be made on August 14.
If your birthday is between the 11th and the 20th of any month of the year, your next payment will be on August 21.
The final payment date will be August 28, and will be sent to retirees whose birthday falls after the 20th of any month of the year.
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