Even if some American retirees have already collected their Social Security in June, others need to wait longer. Direct deposits will not be in their bank accounts until June 26 for some.
Therefore, they will have to be patient until Social Security delivers their money. Bear in mind that the upcoming payments are only for those who got approval and benefits after April 30, 1997.
WHEN WILL SOCIAL SECURITY SEND PAYMENTS WORTH $4,873?
The Administration has scheduled payments on three different paydays. Usually, this is a round of Wednesday payments. Money generally arrives on the second, third, and fourth Wednesday in June.
However, there is an exception this year, and there will be no payment on the third Wednesday. Instead of that day, Social Security has set Tuesday, June 18 as the payday for eligible retirees whose birthday is from 11-20.
Those whose birthdays are from the first to the tenth will get it on Wednesday, June 12. Finally, the last Social Security payment will be due on June 26, which is also a Wednesday.
WHO CAN RECEIVE A PAYMENT WORTH $4,873 FROM SOCIAL SECURITY ON JUNE 12, 18 & 26?
To receive the largest benefit in 2024, retirees must have met all the requirements as workers. For example, you must have filed at 70. In this way, you can receive 24 percent extra from SSA.
Having jobs covered by the SSA for 35 years is also a must. So, you must have worked for more than 34 years, that is, at least 35. Another thing you should take into account is your wage.
Low earners or average earners only get low or average Social Security payments. Hence, you must have earned the taxable maximum for 35 years. The taxable maximum is the contribution and benefit base. That is the moment when you earn the limit, so if you earn more money you do not pay more taxes to the SSA.
