This week brings a new Social Security direct deposit or check. Millions of Americans have not received their money yet, so it is time to check if you are eligible or not.
In fact, this week’s payment will not be the only one in July. Actually, it will be the first one of a round of 3. Money will be in recipients’ accounts on the second, third, or fourth Wednesday of the month.
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Maximum Social Security on July 10
Regardless of the payday, the maximum payment amounts are the same for the whole year. The more you delay retirement, the higher your payment will be. That is why 62-year-olds tend to receive the smallest checks or direct deposits.
If you filed at 62, the maximum Social Security payment is $2,710. However, very few American workers can get the maximum benefits because they have not met all the conditions.
If you file at Full Retirement Age, which is 66 years and 8 months old, you could get up to $3,822. The direct deposit will be the highest for those who meet all the conditions and file at 70. Bear in mind they can get up to $4,873.
How can I get $4,873 from Social Security in July?
This is not something easy to achieve from one day to another and it requires planning. First, you must have worked for a minimum of 35 years. Secondly, you must have had jobs covered by Social Security.
What is more, you must have filed at the age of 70. Otherwise, you would get a reduction in your monthly payment. Do not forget that requirements are not over.
The largest Social Security payments in July and in other months in 2024 are for those who were the highest earners as workers. That is, they earned the taxable maximum for 35 years.