The last Social Security payments in July will soon be in eligible recipients’ bank accounts who requested direct deposit. But do you meet all the requirements to get $4,873?
Bear in mind that this is the maximum retirement benefit in 2024, therefore, it is the largest payment on July 24. Some retirees may receive an average or lower-than-average payment.
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Social Security & eligibility for July 24
The Administration will issue a new payment on July 24 for those who are not on SSI, did not receive benefits before May 1997, and got approval from SSA. Besides, their is a birthday condition.
You will not receive this payment unless you also were born from the 21st to the 31st. This will be the last group of seniors who can receive money from Social Security.
Bear in mind that if you meet all the requirements but are on Social Security Disability Insurance (SSDI), you will receive your disability payment on July 24 as well.
$4,873 Social Security checks
If you were a high earner and filed at the age of 70, you may qualify for a monthly payment worth up to $4,873 on July 24. Bear in mind that it is necessary to have worked for 35 years in jobs covered by SSA.
If you have not earned the contribution and benefit base for 35 years, you cannot be eligible for this money. Other possible amounts are up to $3,822 if you filed at Full Retirement Age.
Average payments are worth $1,918, so this amount may be more frequent than the largest retirement benefit. For your information, the payments for August have already been scheduled. Retirees can also get payments of up to $4,873 on August 2, 14, 21 and 28.
Retirees with a low income may also be on Supplemental Security Income and they will receive one payment on August 1 and the second one on August 30. SSI amounts can be up to $943, or $697 on average.