MILLIONS of Americans will see checks up to $4,873 hit accounts today.
The Social Security program are benefits for retirement, survivors, and disability insurance, RSDI and paid to workers, their dependents, and survivors.
The payment schedule is based on several factors, including the recipient’s birthdate and the type of benefits received.
To score the maximum monthly Social Security benefit in 2024 will depend on the age at which folks started filing for benefits.
According to the Social Security Administration, the amounts are as follows:
- 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
Just note that in order to receive the maximum benefit, you must have been a high earner for 35 years and wait until full retirement age to claim.
WHEN WILL I SEE MY CHECK?
Claimants are typically paid on the second Wednesday of the month if they were born on the first through the 10th of the month.
If you were born on the 11th through the 20th, you’ll instead be paid on the third Wednesday of the month.
For dates after the 20th, you’ll be paid on the fourth Wednesday of the month.
If your payment date falls on a federal holiday or weekend, you can expect to receive that month’s payment on the weekday immediately prior.
According to the Social Security Administration, the schedule for the remaining payments is as follows:
October’s last payment will be on the 23.
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.
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.
MORE MONEY
The Cost of Living adjustment, COLA, was increased to 2.5% and announced on October 10.
This means the average recipient will see an increase of $48 per month in Social Security benefits, bringing the average monthly payment to $1,968.
Those receiving benefits will see the higher payments in January 2025.
