Eligible Americans will receive $4,873 from Social Security in May. To achieve it, they must have met several requirements. That is why it will be so challenging to receive such a large payment.
The first requirement to get $4,873 is to have filed at the age of 70. Americans who have filed at 62 get a 30 percent reduction. Therefore, even if you filed at full retirement age, you cannot get the largest benefit in May 2024.
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THOSE WHO HAVE PAID ENOUGH TAXES TO SOCIAL SECURITY
Another key to achieving $4,873 is to pay enough taxes to Social Security. As a matter of fact, if you do not have a job covered by the Administration, you will not even qualify for retirement benefits in the USA.
What is more, only high earners can pay the largest benefits to the Administration. Actually, you must have earned the taxable maximum for 35 years. The taxable maximum is $168,600 in 2024 and was $1,60,200 in 2023.
As you can see, very few Americans can have such a large wage. If you earn the taxable maximum for 35 years, it implies you have also worked for 35 years. Working fewer years will make you ineligible.
WHEN WILL SOCIAL SECURITY SEND $4,873 IN MAY?
Retirees who filed at 70 after having earned the taxable maximum for 35 years will get $4,873 in May. Those who filed and got payments before May 1997 will receive it on May 3.
If you got retirement benefits after April 30, 1997, you will receive Social Security on May 8, May 15, or May 22. It will depend on the day you were born when your payment is due.
Birthdays from 1-10, payment on May 8. Birth dates from 11-20, the payday will be on May 15. If your birthday is from 21-31, Social Security will send your direct deposit or check on May 22. Other possible amounts are up to $3,822 if you got benefits at Full Retirement Age or up to $2,710 at 62.