Millions of retirees will get their biggest Social Security payment today, which could be as much as $4,873. This is if they meet all the standards for retirement and have paid into Social Security at the maximum rate for the last 35 years.
Besides meeting these conditions, they should have also started getting retirement benefits before May 1997 if they want to still get them today.
It is important to remember that not all retired workers will get their benefits today. It depends on when they claimed their benefits. So, people who applied for benefits after 1997 will get them every month at different times depending on when they were born.
In addition to monthly checks, the Social Security Administration gives all retirees a COLA raise every year. The goal is to make sure that retirees have enough money to cover their costs of living and keep up with inflation.
Social Security check worth $4,873 will reach retirees’ bank accounts in hours
Most workers need to earn 40 credits or have paid into Social Security for at least ten years before they can get retirement payments. People get these credits by having Social Security taxes taken out of their paychecks.
People who have worked for less time may be able to get retirement or death benefits because they are younger. Each year until 2024, you can earn up to four points.
For every $1,730 you make, you get one. Do not forget that the amount you need to get a credit often goes up every year.
Your full retirement age (FRA) has a direct effect on how much Social Security you get. In this case, someone will get $3,822 a month if they retire in 2024, when the full retirement age is 67.
They will make $2,710 less a month if they retire at age 62, four years before the FRA. They could get the most money, which in 2024 was $4,873, if they did not retire until they were over 70 years old. So, the earliest you can start getting benefits is at age 62.
However, depending on your contributions and work experience, waiting until age 70 may increase your chances of getting the maximum benefit.
When will retirees receive their benefits in October?
Social Security will send three more rounds of checks on the second, third, and fourth Wednesdays of each month after today.
These checks will go to workers who claimed benefits before May 1997. So, based on the plan for Social Security payments, retirees will get their money on the following dates:
| Retirement benefit program | Payment date | Payment Methodology |
| Retirees who meet all requirements and collected benefits after May 1997 | October 9th (2nd) Wednesday
October 16th (3rd Wednesday) October 23rd (4th Wednesday) |
Birth date: Between the 1st and 10th.
Birth date: Between the 11th and 20th. Birth date: Between the 21st and 31st. |
Remember that you should wait at least three mailing days before calling the SSA’s customer service if your check does not come on the due date.
You can always check your My Social Security Account, where you can download financial records and ask for more information about Social Security, to find out more about your monthly payment amount.
What should retirees consider before claiming their Social Security benefits?
One of the most important things for retirees to do is to claim their Social Security payments. Because of this, it is important to think about these three main things:
How much money you need: The age of retirement can be changed based on how much money someone has. If you retire early, you can start getting Social Security benefits early. You can also wait to retire or work part-time until you hit full retirement age.
Your life expectancy: Waiting can make your monthly income higher, but if you file for Social Security early, you may get less money. People who have a normal life span or who are not in good health may benefit from bigger exams.
How your marriage is: When applying for benefits, you should think about your partner’s age, health, and benefits, especially if you are the higher-earning spouse.
You might be able to get retirement payments, Social Security, or both if you were married for ten years before you split up.
Also see:-Social Security announces the first payment date for retirees, with a bigger cheque. It is official
