Monday, June 3 will be the next Social Security payment date. Although there are 2 groups of retirement benefit recipients, only one of them qualifies for the largest benefits in June 2024.
If you are on SSI and Social Security simultaneously, you do not qualify for a large payment. However, you will receive SSI on May 31 and retirement on June 3. But what are the requirements to get $4,873 on June 3?
Hundreds of Americans could get $4,873 from Social Security
To be eligible you must have filed at the age of 70. Therefore, this reduces the number of Americans who can receive such a large payment. Even if you file at 70, you need to meet more conditions.
For example, Social Security requires workers to work for at least 35 years. Not doing so means getting less money per month, which could be bad for your finances if you rely on retirement benefits mainly.
Needless to say, only high earners can receive $4,873 on June 3. This is because Social Security makes sure you have earned the taxable maximum for 35 years. Just in 2024, the taxable maximum is $168,600, up from $160,200. If so, this check will be yours if you filed before May 1997.
Social Security worth $4,873 on other paydays
If you have earned the taxable maximum for 35 years in jobs covered by SSA, and filed at 70, check your birthdate. SSA uses birthdays to arrange payments for those on Social Security after April 30, 1997.
Those retirees whose birthdays are from the first to the tenth will receive up to $4,873 on June 12. June 18 will be the new payday instead of Wednesday, June 19, 2024. Since Juneteenth is a Federal holiday, SSA will send checks or direct deposits of up to $4,873 on June 18.
However, your birthday must be from 11-21. Last but not least, there will be another payment on June 26. Only for those whose birthdays are from 21-31. The average payment for non-high-earners will be about $1,915.