$4,873 Social Security New payment 2024 Confirmed For Seniors- Who can Claim the Benefits? Know Payment Dates

In case of retirement it is good to be prepared with financial support and it is good to avail all the benefits like $4,873 Social Security New payment 2024. Social Security in USA provides a large amount of money to retired people. This payment will give a continuous flow of income to retired people after retirement. It is important for the financial security of a lot of American citizens.

You might already know this that the maximum benefit that Social Security Administration retirees get monthly in 2024 is $4873. This has increased from 2023 which was $4555 every month. It will be easy for you to receive $4873 Social Security Payment 2024 if you have worked for larger Social Security Check in your life. If you wait few more years it will increase your payment drastically.

 $4873 Social Security New Payment 2024

Social Security made a sudden increase in the largest payment it give out from $4555 to $4873 on January 1st. For all the $4873 social security check payment there will be an additional $3816 yearly. To determine your $4873 social security payment February 2024 your income will be calculated for all the years you worked. People with highest earnings will receive highest checks.

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Monthly payments for all the retirees vary but there is a maximum amount Social Security recipients can have. For the year 2024 the highest social security monthly payment was $4873. To claim $4873 Social Security checks you need to follow two steps. Check those two steps below to claim $4,873 Social Security New payment 2024.

$4873 Social Security New Payment 2024: Overview

Name of Scheme $4873 Social Security Payment 2024
Amount $4873 (highest check)
Regulatory Department Social Security Administration (SSA)
Payment Date February 2024
Official Website www.ssa.gov

This scheme comes under the Government Aid to give retirees a stable monthly income after retirement.

$4,873 Social Security New payment Confirmed For Seniors : Who is Eligible to Claim $4,873 Social Security Payment ? Know Payment Date

Who is Eligible to Claim $4873 Social Security Payment?

Monthly payments for retired people vary for each individual but you can still get the maximum amount as Social security recipient. As stated above the highest payment this year was $4873. In order to receive SSD $4873 Payment 2024 you need to fulfill these four requirements.

  1. If you started to receive Social Security Payment before May 1997 then your payment was due on February 2nd. You can receive check on February 2nd along with your SSI and retirement benefits.
  2. You can receive your payment on February 2 if you are receiving SSI on 1st Feb and are on Social Security benefits. There is also an additional option where you can receive payment on 14th. People whose birthdays fall between May 1997 and Jan 1st are qualified for this payment. Only if you have not yet started receiving this payment.
  3. Next Payment is scheduled for February 21st which is Wednesday.
  4. This payment is only for retirees whose birthdays fall between November 20 and Jan 1st. If you are someone whose birthday falls between May 1997 and Jan 1st and still haven’t received the payment then you are also eligible for it.
  5. In line with first two payments the third payment will be given on 28th You could get a social security check if you were born between 21st May and 31st May 1997. You will receive this payment if you have filed after your birthday for this amount.

How to Claim $4873 Social Security New Payment 2024 ?

There are two steps which you need to follow to claim this payment.

1. Your income should be above wage base limit:

To determine your $4873 Social Security New Payment 2024 your average income over the life span of your working age are used by Social security. As per data to calculate AIME of person it first accounts for inflation on your income divided by total number of months you worked in your 35 years of income period.

Remember not all incomes are taken into account by Social Security. They will use your income up to a certain level only. This is known as Wage Base Limit. This determine your benefit every month and how much tax you can pay with your income range every year.

2019 $132,900
2020 $137,700
2021 $142,800
2022 $147,000
2023 $160,200

 

For your tenure of 35 years of service that’s SSA considers, your income has to be at par or above the wage base limit. This is the eligibility criteria for earning maximum $4873 monthly retirement payment 2024. The base limit is set at $168,600 in the year 2024, but it can modify as the inflation grows yearly.

2. Did not Claim Benefit until you turn 70:

It is also a significant step while claiming your full $4873 Social Security payout. Delaying collecting your benefits until you turn 70. Till the age of 70 the check amount are increased by 2/3rd every month in case you did not claim them past your retirement age. This payment comes out as 8% annually and 24% overall if you retire at the age of 67, which most people do.

You need to fulfill the income criteria and need to wait to claim this $4,873 Social Security New payment 2024 benefit till you turn 70. All this so that you can claim full Social Security payment. If you complete one point and not the other you will be immediately disqualified from receiving this payment. You have to fulfill both the above points to claim full payment.

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