ELIGIBLE Americans will see $4,873 checks hit bank accounts today.
Today is the last Social Security payment for this month for those whose birthday falls after the 20th.
This is because the payment schedule is based on several factors, including birthdate and the type of benefits received.
Benefit amount is also based on various factors.
To score the maximum monthly Social Security benefit in 2024 depends on the age in which you started filing for benefits.
The Social Security Administration has outlined the amounts:
- Age 62 is the youngest age to file and offers a maximum benefit of $2,710 per month
- Full retirement age is between 66 and 67, with a maximum benefit of $3,822 per month
- Age 70 is when extra benefits stop accruing and means recipients will receive a maximum benefit of $4,873 per month
To receive the maximum benefit, you must have been a high earner for 35 years and wait until full retirement age to claim.
However, recipients will soon see an increase in their payments thanks to the Cost of Living adjustment, COLA.
COLA was increased to 2.5% and announced on October 10 with the higher payments reflected in January 2025.
The average beneficiary will see a $48 per month increase to Social Security benefits, bringing the average monthly payment to $1,968.
WHAT IS SOCIAL SECURITY?
The Social Security program provides financial support for Americans and includes those in retirement, with a disability, and offers survivors benefits.
Retirement benefits are monthly checks replacing a percentage of a worker’s pre-retirement income.
Each benefit amount is based on earnings and when benefits start.
And Supplemental Security Income provides monthly payments to people with disabilities and older adults who have little or no income or resources.
Survivor benefits offer monthly payments to eligible family members of those who worked and paid Social Security taxes before they died.
Filing a waiver with the SSA
Those who cannot afford to pay back the overpayment amounts noted by the SSA or feel they should not have to can file a specific form.
- The form is identified as SSA-632 on the SSA website and can be filled out and submitted at a local office.
- “If you agree that you have been overpaid, but you feel you should not have to pay it back because you did not cause the overpayment and you cannot afford to repay it, you should file Form SSA-632,” the SSA notes on its website.
- It also lists multiple repayment options.
- Recipients with additional questions are urged to call 1-800-772-1213.
THE 2024 SCHEDULE
According to the Social Security Administration, the schedule for the remaining year is as follows:
November
- 13
- 20
- 27
SSI payments are on November 1 and 29.
December
- 11
- 18
- 24
SSI payments will be made on December 31.
For any eligibility questions, head to the Social Security website.
