If you were born before 1962, there’s good news: the Social Security Administration (SSA) is set to issue new checks to retirees, with potential payments up to $4,873.
This increase is part of the annual Cost of Living Adjustment (COLA), which for 2024 is 3.2%, ensuring beneficiaries receive more to help with rising living costs.
Born Before 1962 Will Receive A Social Security Payment Of Up To $4,873
General Overview
- Age 62 Retirees: Can receive up to $2,710 per month.
- Disability Retirees: Maximum amount is $3,822.
- Age 67 Retirees: Can also receive up to $3,822.
- Age 70 Retirees: Eligible for the highest amount, up to $4,873 per month.
Eligibility for Maximum Payments
To qualify for the maximum benefit at age 70, beneficiaries typically need to have earned high wages throughout their careers and delayed claiming Social Security benefits until age 70.
Upcoming Payments
The SSA will issue new retirement payments in July to different groups based on their birth dates and retirement dates. Here’s the schedule:
- July 10th: Payments for those born between the 1st and 10th of any month.
- July 17th: Payments for those born between the 11th and 20th of any month.
- July 24th: Payments for those born between the 21st and 31st of any month.
Specifics for July 17th Payment
To receive the payment on July 17th, you must meet these criteria:
- Birthday Requirement: Born between the 21st and 31st of any month.
- Retirement Date: Applied for retirement benefits after May 1997.
Who Can Apply for Social Security?
Eligibility Groups
- Retirees: Workers who have contributed to the Social Security system through payroll taxes and have reached the retirement age.
- Disabled Individuals: Those who can no longer work due to severe medical conditions may qualify for disability benefits.
- Survivors: Spouses and minor children of deceased workers are also eligible for benefits.
General Requirements
- Contribution to Social Security through payroll taxes.
- Meeting age or disability criteria as set by the SSA.
- Providing necessary documentation and proof of eligibility.
Additional Payments and Dates
$1,800 Checks on July 17th
A targeted group of American retirees will receive checks averaging $1,800 on July 17th. This group includes those who:
- Have birthdays between the 21st and 31st of any month.
- Have been receiving benefits since after May 1997.
Last July Payment
The final Social Security payment for July 2024 will be issued on the 24th for Group 4 retirees, who also meet the above criteria.
How to Maximize Your Benefits
Planning for Higher Payments
- Delay Retirement: Consider delaying retirement until age 70 to receive the maximum possible benefits.
- Check for COLA Increases: Stay informed about annual COLA adjustments which can increase your benefits.
- Verify Eligibility: Regularly check your eligibility status and ensure all your contributions and earnings are accurately recorded.
Benefits of Staying Informed
Being aware of payment schedules, eligibility requirements, and potential increases can help you better plan your finances and ensure you receive the maximum benefits available to you.
With the upcoming increases and scheduled payments, staying informed about your Social Security benefits is crucial.
If eligible, you can look forward to enhanced financial support, helping to ease the burden of rising living costs.
FAQs
Who qualifies for the maximum Social Security benefit of $4,873?
Retirees who delay claiming benefits until age 70 and have earned high wages throughout their careers.
What are the payment dates for July 2024?
Payments will be made on July 10th, 17th, and 24th.
How can I check my eligibility for Social Security benefits?
You can check your eligibility by logging into your SSA account or contacting the SSA directly.
What is the COLA increase for 2024?
The COLA increase for 2024 is 3.2%.
Who will receive the $1,800 check on July 17th?
Retirees with birthdays between the 21st and 31st of any month and who applied for benefits after May 1997.
