The Social Security Administration (SSA) has issued a monthly payment of $4,873 that began on November 14, 2024. This is an aid that benefits a select group of retirees. However, it is necessary to highlight that very few people will be able to access the total of this amount, due to the fact that certain very strict criteria are required.
The SSA’s November payment schedule was assembled according to the date of birth of eligible retirees. Last month, the largest possible Social Security check was sent in 3 batches on the following dates:
- November 1: for those receiving Supplemental Security Income (SSI), who will not receive payments later in November.
- Nov. 13: for eligible retirees born between the 1st and 10th of any month.
- November 20: for those born from the 11th through the 20th.
- November 27: for retirees born between the 21st and 31st.
Strict requirements to collect the $4,873 Social Security payment.
This important benefit, which may be extended for the following months, will only be available to retirees who meet certain criteria. According to the Social Security Administration’s official website, in order to receive the maximum Social Security payment of $4,873, you need:
- Complete work history: you must have a work history of 35 years or more, during which you have paid Social Security taxes.
- Filing age: to receive the maximum benefit, you must file your return at age 70. Filing at this age allows you to receive the highest monthly payment, thanks to deferred retirement credits.
- Maximum Earnings: You must have earned the maximum taxable income or more during the 35 highest earning years. This means your earnings were at or above the annual earnings limit, which changes each year.
- SSA-covered employment: Your work history must include jobs covered by Social Security. Federal employees hired before 1984 may not qualify because many of them were initially exempt from Social Security taxes.
Anyone who meets most of the eligible requirements but filed early (age 62) will receive the payment, albeit at a reduced rate. The amount that will be granted to this group of people will be $2,710. This reduction is because they do not receive deferred retirement credits, which increase monthly benefits for those who delay retirement beyond their full retirement age.
For retirees who file at full retirement age, i.e., age 67, the maximum possible Social Security payment in 2024 will be $3,822 per month. This amount is a reflection of standard benefits for those who qualify based on earnings and work history, but who did not wait until age 70 to retire.
Are you eligible for the maximum Social Security payment?
As mentioned above, to reach the higher threshold for the $4,873 payment, it is necessary to have consistently high wages. In addition, it is necessary to defer benefits until age 70. Those who meet some of these requirements will receive lower monthly payments, but can still receive a significant boost from deferred retirement credits. Although this is only for those who wait beyond the FRA.
With the upcoming 2025 COLA adjustment, Social Security beneficiaries can expect a modest increase in their payment. This should help with rising living costs due to rising inflation. It is worth noting that knowing the eligibility criteria and the impact of the filing age can help you make strategic decisions for your Social Security benefits.
