Receiving a large payment from the Social Security Administration will soon be possible. However, the Agency will only send it to those American retirees who meet all the requirements.
Bear in mind that the next payment from Social Security will be due on October 3. In fact, only 2 groups of retirees can receive a check or direct deposit on October 3 and very few of them will get $4,873.
Requirements to get a Social Security check of $4,873 in October 2024
The main requirement to get $4,873 is not a single one. As a matter of fact, a worker needs to comply with 4 essential conditions. These requirements set by SSA are:
- applying for Social Security retirement benefits when you turn 70
- earning the contribution and benefit base (taxable maximum) for 35 years
- working for the same number of year
- having jobs that pay Social Security taxes
Even if you cannot achieve to meet all these 4 requirements, all of them can help you make the most of your Social Security. In this way, you will maximize them as much as you can.
Who will be eligible for the Social Security check on October 3?
Although you may qualify for a direct deposit or check on October 3, that does not mean you are entitled to $4,873. If you do not meet the aforementioned requirements, you may get a closer amount to an average payment of $1,920 instead.
Low earners may not even get the average payment and they may even be receiving a supplement. The Supplemental Security Income allows you to get a check on October 3 if you are also receiving Social Security.
The other way to qualify for Social Security on the third, regardless of the amount, is to have been receiving Social Security since before May 1997. Bear in mind that those who do not meet these conditions will have to wait until October 9, 16, or 23. The maximum payments on those dates are also $4,873.