The Administration has confirmed that there will be 4 payments for retirees in May. 66-year-olds can receive up to $3,822 from Social Security in May 2024. However, they must meet all the requirements that SSA sets.
In fact, you must have filed at Full Retirement Age, or you will not be eligible. Bear in mind that Full Retirement Age depends on the year you were born. For example, those born in 1958 can reach FRA in 2024 when they turn 66 and 8 months.
66-YEAR-OLDS WHO QUALIFY FOR $3,822 FROM SOCIAL SECURITY
If you have filed at Full Retirement Age, you will also have to have at least 35 years of work. Therefore, even if you work for 34 years, you will not receive $3,822.
Not having worked for 35 years means getting a reduction. What is more, you must have also been a higher earner. If you had a low salary as a worker, you cannot expect a large Social Security payment.
Currently, you must have earned the taxable income for 35 years to get $3,822. Do not forget that the jobs you had must have been covered by Social Security.
WHEN WILL SOCIAL SECURITY DELIVER $3,822
The Social Security Administration will pay on May 3, May 15, May 22, and May 31. May 3 will be the day when you receive your retirement benefit if you also get SSI. SSI can give you an average payment of about $699. Maximum benefits are worth $943 if you are single.
Another possibility to receive retirement on May 3 is if you collected payments before May 1997. The remaining payments will be for those on benefits after April 30, 1997.
Birthdays will be taken into account to set paydays. If you were born from 1-10, 11-20, or 21-31, your Social Security will arrive on May 8, 15, and 22 respectively. As for the other possible amounts, the average payments are worth $1,913. If you filed at the age of 70, it can be up to $4,873.