The Agency has confirmed Social Security direct deposits and checks worth $4,873 this week. These direct payments will only be for those who have gotten approval and have met general and birth date requirements.
The best thing about it is the fact that there will be a total of three rounds of Social Security payments left. The first one was on August 2, 2024, for those who had gotten benefits before May 1997 and also for those who also receive SSI while they get retirement checks.
How has the Administration scheduled the Social Security payments?
In recent years, things have not changed much. Those who did not start getting benefits before May 1997, or are not on SSI as well, can receive their direct deposit payment or check on the second, third, or fourth Wednesday.
Therefore, the second Wednesday will be here with hours. So those who were born from the 1st to the 10th, regardless of the month, will receive a payment from Social Security on August 14, 2024. In fact, 12 days after the first payment in August.
August 14 will not be the only payment from SSA left as it was mentioned before. Social Security will deliver another payment on August 21 and the last one in August on the 28th. So, 2 weeks after the first round of Wednesday payments. If your birthday is from 11-20, on the 21st, after that date on the 28th.
How much can retirees expect from Social Security?
The largest direct deposit or check on August 14, 21 or 28 will be worth $4,873 said the Agency. That will be the largest payment for those who have:
- filed for retirement benefits at the age of 70
- paid enough Social Security taxes as workers
- worked for at least 35 years
- earned the contribution and benefit base for 35 years as well
For those who do not know what the contribution and benefit base is, it is the taxable maximum. That is the limit on earnings that can be taxed. Thus, over those earnings, you stop paying taxes.