Some retirees will receive a Social Security payment worth $4,873 on the last payday in July. However, eligible retirees must have met all the requirements the Administration set to achieve it.
As a matter of fact, you must have met 4 key conditions to receive a payment of $4,873 in 2024. What is more, you must comply with the requirements to get a payment on the fourth Wednesday in July.
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Requirements to get $4,873 from Social Security in July 2024
In the first place, such a large Social Security check or direct deposit will only be for those who have filed for retirement benefits at the age of 70 and met the other 3 conditions.
Following this condition, retirees must have worked for a minimum of 35 years. If you have worked for just 10 years, you may qualify for retirement benefits but your check will be a small one.
Do not forget that these large payments are just those jobs that pay taxes to SSA. If your jobs are not covered by SSA, you may get a pension, but not Social Security. Last but not least, it is a must to earn the taxable maximum for 35 years.
Social Security due on July 24
If you meet the 4 requirements, you need to check if you are eligible for the next payment of up to $4,873 on July 24.
For your information, Social Security will send you a payment if your birthday is after the 20th, you got benefits after April 30, 1997, and are not on SSI too.
If you got benefits before May 1997, your next payment will be sent on August 2. Supplemental Security Income recipients will cash their checks on August 1.
After these 2 payments, Social Security has scheduled three more paydays on the second, third, and fourth Wednesday of the month. That is, on August 14, 21 and 28. Average payments will be about $1,918 in July.