According to The Sun, Eligible Americans will see checks of $4,873 deposited into their bank accounts today. This marks the final Social Security payment for this month for individuals whose birthdays fall after the 20th. The payment schedule is determined by various factors, including birthdate and the type of benefits received.
Understanding Social Security Benefit Amounts
The amount received in Social Security benefits is influenced by several variables, including the age at which a beneficiary starts filing for benefits.
Maximum Monthly Benefits for 2024
According to the Social Security Administration, the maximum monthly benefits for 2024 are as follows:
- Age 62: This is the youngest age to file, offering a maximum benefit of $2,710 per month.
- Full Retirement Age (FRA): Ranging between 66 and 67 years, individuals can receive a maximum benefit of $3,822 per month.
- Age 70: At this age, extra benefits cease to accrue, and recipients can access the maximum benefit of $4,873 per month.
To qualify for the maximum benefit, individuals must have been high earners for 35 years and wait until their full retirement age to claim benefits.
Upcoming Cost of Living Adjustment (COLA)
Beneficiaries can look forward to an increase in their payments due to the Cost of Living Adjustment (COLA), which was raised to 2.5% and announced on October 10. These higher payments will be reflected starting in January 2025.
The average Social Security beneficiary will see an increase of $48 per month, bringing the average monthly payment to $1,968.
What Is Social Security?
The Social Security program provides vital financial support to Americans, encompassing retirement benefits, disability benefits, and survivor benefits.
- Retirement Benefits: Monthly checks that replace a percentage of a worker’s pre-retirement income, based on earnings and the start age for benefits.
- Supplemental Security Income (SSI): Monthly payments to individuals with disabilities and older adults who have limited or no income or resources.
- Survivor Benefits: Monthly payments provided to eligible family members of deceased individuals who paid Social Security taxes.
Also read: No Social Security Payments During the Week of November 5 – Here’s the Reason
2024 Payment Schedule
The Social Security Administration has outlined the remaining payment schedule for this year:
November Payments
- November 13
- November 20
- November 27
- SSI Payments: November 1 and 29
December Payments
- December 11
- December 18
- December 24
- SSI Payment: December 31
For any questions regarding eligibility or to find additional information, please visit the Social Security Administration’s official website.
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