Hundreds of Americans may receive a new payment on July 10. The Social Security Administration is sending a direct deposit, regardless of the amount, if you began getting benefits from May 1997 onward and your birthday is from 1-10.
So, you could get a Social Security payment of up to $4,873 if you meet that condition. To get the largest benefit on July 10, you must have filed at the age of 70, but this will not be enough.
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Requirements to get $4,873 from Social Security on July 10
If you filed at the age of 70, the Administration will ensure you meet the rest of the conditions. Bear in mind that getting so much money from the Administration will not be easy at all.
SSA requests workers to pay payroll taxes as they work for at least 35 years. If you do not pay enough taxes to the Administration, you may not even get retirement benefits. What is more, you must have been a high earner. Unless you have earned the taxable maximum for 35 years, you will not be able to get $4,873 on July 3.
Eligible retirees on July 17 and July 24
If you meet all the requirements to get a Social Security payment worth $4,873 in July, but your birthday is later than the 10th, you may get it on July 17 or 24. The conditions will be the same:
- filing for Social Security at 70
- have jobs covered by SSA
- work for a minimum of 35 years
- earned the contribution and benefit base for 35 years or more
To get a Social Security payment of up to $4,873 on July 17, your birth date must be from 11-20. Those who were born from 21-31 will receive it on July 24 if they meet all the eligibility requirements.
Do not forget that the July 3 payments worth $4,873 will only be for those who got benefits before May 1997. So, you must be at least 97 to get it. Thus, most of the largest benefits will be due on July 10, 17 and 24.
Do you have to take Social Security at age 70?
No, you do not have to take Social Security benefits at age 70. However, there are some important points to consider:
- Your Social Security benefits stop increasing once you reach age 70. There is no additional benefit to waiting beyond age 70 to claim your benefits.
- If you are 70 or older, and have not yet applied for your Social Security retirement benefits, you should apply now. You can receive benefits even if you still work.
- Each year that you work, Social Security checks your earnings record. If your latest year of earnings is one of your top 35 years, your benefit amount will be recalculated. It will be recalculated to give you credit for those earnings.
- The switch from survivor benefits to your own retirement benefit at age 70 is not automatic. You need to apply for your retirement benefit, even if it will be less than your current survivor benefit. Social Security will then pay you the higher of the two benefit amounts.
- Delaying benefits beyond age 70 will not increase your benefit amount. Your benefit is highest at age 70. At that age, you get Delayed Retirement Credits of 132% of your full retirement age benefit.
- If you decide to delay benefits, be sure to still sign up for Medicare at age 65. Delaying Medicare can result in higher premiums.