Social Security benefits can total up to $4,873, and eligible retirees should prepare to receive such a hefty check or direct transfer. If you were a high earner for more than three decades and a half, you may be eligible for such a generous retirement payment in the United States. Even if you do not qualify for such a significant sum, you may receive some funds from the Agency.
There are only three Social Security payments left in 2024; thereafter, all retirees will benefit from the Cost-of-Living Adjustment for 2025. In reality, all retirement benefits will increase by around 2.5%. SSDI and Supplemental Security Income (SSI) recipients will also benefit from this increase. The SSI benefit, on the other hand, will be available beginning December 31, 2024.
New Social Security payment of $4,873 on December 11, 2024
If you received benefits after April 30, 1997 and are not getting SSI payments, your next check could be due on December 11. Meeting the birth date criteria will be necessary, however.
Thus, if you were born on the first to tenth of any month and submitted and received approval after April 30, 1997, your next monthly payment of up to $4,873 will be issued on December 11.
As you might have guessed, this is the first round of Wednesday payouts. Other retirees will receive their payments on December 18 or 24, 2024. Check eligibility below:
- Retirement payment due on December 11: birthday from 1-10
- Retirement payment due on December 18: birthday from 11-20
- Retirement payment due on December 24: birthday from 21-31
Eligibility for the largest Social Security payment in December
Don’t forget that only a few retired workers can receive up to $4,873. Most may be closer to the average payout of $1,927. To receive the highest compensation in 2024 or 2025, you must have worked for at least 35 years.
Furthermore, you must have filed at age 70. Because many American workers file at age 62, they receive a 30% cut in Social Security benefits rather than receiving delayed credits.
Finally, you must have worked in SSA-covered occupations for 35 years and earned the contribution and benefit base (taxable maximum). This is the most difficult criteria to meet because it will cost $168,600 in 2024 and will continue to rise as inflation occurs.
Also See:- IRS: When does the 2025 tax season start?