The average payment for all Social Security checks is worth about $1,774. Depending on the type of benefit you qualify for, you could get a higher or lower payment. SSA claimed that as of March 2024, the average payment for old-age and survivors insurance is about $1,828.
As you can see, this group of recipients gets more money than others. In fact, the largest Social Security checks will be for those in retirement benefits. The average amount for those who get retirement benefits (workers, spouses, and children) is $1,864.
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SOCIAL SECURITY & ELIGIBILITY FOR THIS WEEK’S PAYMENT
To get an average payment worth $1,744 on May 15, you must have been on benefits after April 30, 1997, and have your birthday from 11-20. Otherwise, you cannot receive this money from the Administration.
If your birthday is from 1-10 of any month, you got Social Security on May 8. Therefore, you will have to wait until June 12 to receive a new payment from the Administration. Bear in mind that May 15 will be a payday for retirees and SSDI recipients.
If you are on Social Security but your birthday is from 21-31, May 22 will be your next payment date. Actually, it will be the last chance for these three groups of recipients to get a new check. SSI will be due on May 31, but not if you got money on May 8, 15, or 22.
WHO WILL GET MORE THAN $1,774 ON MAY 15 OR MAY 22 FROM SOCIAL SECURITY?
The amount of your Social Security could be up to $4,873. However, this is only possible you have earned the taxable maximum for more than 34 years. That is at least 35 years.
What is more, you must have filed for retirement benefits at 70, but not before. In fact, that is the moment when you can receive a 24% reward from the Social Security Administration.
The earlier you have filed for retirement benefits, the lower your payment will be. A 62-year-old can only get up to $2,710, so there is a considerable difference between the largest check at 70 and this one.