Today, millions of retirees will receive their maximum Social Security payment of up to $4,873 if they meet all retirement requirements and make Social Security contributions based on the maximum taxable earnings for the last 35 years. Besides meeting these requirements, they should also have claimed retirement benefits before May 1997 to receive their benefits today. It is important to note that not all retired workers will get their benefits today, as it depends on the date they claimed benefits. Therefore, those who claimed benefits after 1997 will receive their monthly benefits on a staggered schedule based on the day they were born. Besides providing monthly checks, the Social Security Administration also offers a yearly COLA increase to all retirees, which aims to provide retirees with enough income to meet their living expenses and keep up with inflation.
Social Security check worth $4,873 will reach retirees’ bank accounts in hours
To be eligible for retirement benefits, most workers must earn 40 credits or have contributed to the Social Security system for at least ten years. Citizens earn these credits by deducting Social Security taxes from their wages. Younger workers may be eligible for disability or survivor benefits because they have worked for a shorter time. You can earn up to four credits every year until 2024, with one for every $1,730 in earnings. Don’t forget that the amount required to obtain a credit frequently rises each year.
The Social Security benefits you get are directly impacted by your full retirement age (FRA). For instance, a person will receive $3,822 a month if they retire in 2024 at the present full retirement age of 67. Their monthly income will drop to $2,710 if they retire at age 62, four years ahead of the FRA. They would be eligible for the maximum amount, which was set at $4,873 in 2024 if they delayed retiring until after the age of 70. Therefore, the earliest age to start receiving benefits is 62, but waiting until 70 may increase the chances of receiving the maximum benefit based on contributions and work history.
When will retirees receive their benefits in October?
Once all retirees who claimed benefits before May 1997 receive their checks today, the Social Security Administration will send another three rounds of payment on the second, third, and fourth Wednesdays of the month. Therefore, according to the Social Security payment schedule, retirees will get their payments 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 if your check doesn’t arrive on the scheduled date, wait at least three mailing days before contacting the SSA’s customer service. Also, for additional information about your monthly payment amount, you can always refer to your My Social Security Account, where you can download financial statements and request additional information related to Social Security.
What should retirees consider before claiming their Social Security benefits?
Claiming Social Security benefits is one of the most important steps in life for retirees. Therefore, it is important to consider the following three major factors:
- Your financial requirements: Depending on one’s level of financial security, retirement age can be changed. Early retirement offers early Social Security benefits; alternatively, one can postpone retirement or work part-time until they reach full retirement age.
- Your life expectancy: While delaying can increase monthly payments, filing for Social Security early may result in lower benefits. People with average life expectancy or poor health may benefit from larger examinations.
- Your marital situation: Particularly if you are a higher-earning spouse, consider your spouse’s age, health, and benefits while applying for benefits. You may be qualified for retirement benefits, Social Security, or both if you were married for ten years before getting divorced.