The Social Security Administration will send payments of up to $4,873 in May 2024. To qualify for such a large payment you must meet the 4 necessary conditions SSA established.
First of all, you must have paid enough taxes to Social Security. That would imply you have earned the taxable maximum for 35 years and filed at the age of 70. If you worked for fewer years, you could get lower payments in May.
Important links |
---|
More News |
PAYMENTS |
stimulus checks |
Social Security COLA |
MAXIMUM SOCIAL SECURITY IN MAY AT 66
If you are between the ages of 66 and 67, you could get up to $3,822. That is the maximum benefit for those who file at Full Retirement Age in 2024. Earning the contribution and benefit base for 35 years is also mandatory.
Of course, you must have jobs covered by SSA to get retirement benefits. Those who meet the requirements must file. Or else, they will never receive monthly payments from Social Security.
Early retirement at 62 is possible. But it will only allow you to get payments of up to $2,710. Early filing for Social Security reduces your check by 30%, while late retirement at 70 gives you 24% extra per month.
SOCIAL SECURITY PAYMENT SCHEDULE FOR MAY
Hundreds of retirees aged 62, 66, or 70 can get $2,710, $3,822 or $4,873 in May. Payments will be due on May 3 if you have been on benefits since before May 1997.
Social Security will send direct deposits on May 8 if your birthday is from 1-10. The next payday after this one will be on May 15, but only if your birth date is from 11-20. It does not matter the month your birthday is.
Those whose birthday is from 21-31 will be the last ones to get money from Social Security on May 22. Still, this money arrives to days before the April payment on the 24. If you are still working, delay retirement until you are 70 if you would like to get more money in the future.