Even if the Social Security Administration has more than 70 million beneficiaries in 2024, not all of them will receive the same amount in June 2024. This is because your earnings, filing age, and years of work affect eligibility and amounts.
Next week’s maximum benefit for retired Americans will be worth $4,873. However, it is more than likely that most retirees receive a much lower payment which will be closer to average payments.
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When will Social Security pay retirement benefits worth up to $4,873?
The Administration will send checks of up to $4,873 on June 3, 2024. Nevertheless, this will not be the only possible payment date for American retirees in June, 2024.
Remember that there are 2 large groups of beneficiaries who can receive Social Security on the third. The first one is those retirees who started getting retirement benefits before May 1997. The second is those who are on SSI and retirement benefits.
If you are receiving Social Security but you do not qualify for the June 3 payment, you could get a payment on June 12, 18, and 26. Birthdates will be the way SSA arranges paydays. For example, if your birth date is from 1-10, you will get it on the 12th.
Who can receive $4,873 from Social Security?
The Administration will require workers to meet 4 conditions before they can claim a payment worth $4,873. Otherwise, they could receive an average payment worth $1,915 or even less money.
First of all, American workers must know that these Government payments are for those who have worked in jobs covered by SSA. What is more, you must have worked for a minimum of 35 years and applied for benefits at 70.
Last but not least, and probably one of the most important requirements, is the fact that you must have earned the taxable maximum for 35 years. Not doing so reduces your payment amount. If your Social Security check is too low you may want to apply for SSI at the same time.