A new payment is due on February 21 and the Social Security Administration (SSA) has confirmed it. This check is only for some eligible retirees who have filed for benefits.
Bear in mind that to get the February 21 payment you must have filed, but you must have started getting benefits after April 30, 1997, not before. However, this is not enough.
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Social Security will also make sure that you also meet the birthday requirement. So, if your birthday is from 11-20, your payday will be on February 21, 2024.
WHO CAN RECEIVE $4,873 ON FEBRUARY 21?
Only a small percentage of beneficiaries can collect $4,873 because they must meet three key requirements. Of course, all retirement benefits are funded by the payroll taxes to pay SSA.
But this is not enough to get $4,873. First of all, it is only for those who, first, have worked for 35 years. Second, they must have retired at the age of 70. Retiring before the age of 70 can reduce your check a lot.
Third, retirees must have earned the taxable maximum for 35 years. If you earned the taxable maximum for just 34 years, you will not qualify for a check worth $4,873.
PAYMENT ELIGIBILITY ON FEBRUARY 28
If you are on retirement benefits, but you do not qualify for the February 21 check, you may get your money on the 28th. Of course, your birthday must fall from 21-31.
Besides, you will not receive this payment if you started receiving retirement benefits before May 1997. In that case, your next check will be due on March 1, 2024.
Obviously, you must have earned the taxable maximum for 35 years and filed at 70 to get $4,873 in 2024. Average retirement payments are worth $1,909 in February. Anyway, the amounts depend on your previous earnings and work history. Thus, it could be much lower.