If you’re a retiree awaiting your Social Security payments this month, you could be eligible for a top payout of as much as $4,873. However, the actual amount you receive depends on various factors, including your work history, the timing of your benefits application, and your lifetime earnings. Although some retirees might qualify for this maximum amount, the majority will receive an average payment of $1,919.
With Social Security payments set for different dates in September, it’s crucial to understand your payment schedule and the amount you can anticipate. Let’s dive into the details.
Payment Dates
In September, Social Security payments are scheduled for the 11th, 18th, and 25th. Your specific payment date is determined by your birthdate and other eligibility requirements set by the Social Security Administration (SSA).
If your birthday is between the 1st and 10th of any month, payment will be paid on September 11. For birthdays between the 11th and 20th, the payment date is September 18. Those born after the 20th will receive their payment on September 25.
For retirees who began receiving Social Security benefits before May 1997 or those who also receive Supplemental Security Income (SSI), the next payment is scheduled for October 3, 2024.
Eligibility
To qualify for the payment scheduled for September 11, you must have started receiving retirement benefits after April 30, 1997. Additionally, your birthdate needs to fall between the 1st and 10th of the month. If you do not meet these criteria, your payment will be rescheduled for a later date within September or possibly early October.
Payment Schedule
| Date | Who Receives Payment |
|---|---|
| September 11 | Born between the 1st and 10th of any month |
| September 18 | Born between the 11th and 20th of any month |
| September 25 | Born between the 21st and 31st of any month |
| October 3 | Beneficiaries before May 1997 and SSI recipients |
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How to Qualify
To qualify for the highest Social Security payments of $4,873, you need to fulfill several important criteria:
- Filing at Age 70: You must wait until you are 70 years old to apply for benefits. Filing before this age will lower your payment. For example, if you file at 62, your benefits will be reduced by 30%.
- 35 Years of Work: You must have worked for at least 35 years in jobs covered by Social Security.
- Earning the Maximum Taxable Income: Throughout your career, you need to have earned up to the maximum amount subject to Social Security taxes. This ensures you have contributed the most possible towards your future benefits.
- Paying Social Security Taxes: You should have paid Social Security taxes on your income for all 35 years. This includes meeting the contribution and benefit base requirements, commonly known as the taxable maximum.
- Adhering to SSA Guidelines: It’s essential to follow all Social Security Administration (SSA) rules to maintain your benefits and ensure you receive the highest payment.
Payment
| Filing Age | Monthly Payment |
|---|---|
| 62 | $2,710 |
| Full Retirement Age (67) | $3,822 |
| 70 | $4,873 |
How Filing Early Affects
Claiming Social Security benefits before you turn 70 can lead to a notable decrease in your monthly payments. For instance, if you start collecting benefits at 62, you might face a reduction of up to 30%. Conversely, if you wait until your Full Retirement Age (FRA)—usually between 66 and 67, based on your birth year—you’ll receive a larger benefit, though it won’t be as high as what you’d get if you delayed until 70.
At FRA, the highest benefit amount is $3,822 per month, but by postponing your claim until age 70, your monthly benefit can rise to the maximum of $4,873.
After September
If you receive both Social Security retirement benefits and SSI, your upcoming payment is set for October 3, 2024. This date also applies to those who began receiving benefits prior to May 1997. So, if you don’t get your payment in September, it’s likely included in the early October disbursement schedule.
Social Security retirees should frequently check their benefit status and eligibility criteria to make sure they are getting the highest possible amount.
Understanding the payment schedule and how your age at filing affects your benefits can help you plan more effectively for your financial future.
FAQs
How do I qualify for the $4,873 maximum payment?
To qualify for the $4,873 maximum payment, you need to file for Social Security benefits at age 70 and have worked for at least 35 years, consistently earning the taxable maximum.
When is the September 11 payment date?
The payment date for those born between the 1st and 10th of any month is September 11.
What happens if I file for Social Security at 62?
If you file for Social Security benefits at age 62, your payment may be reduced by up to 30%.
When will I get paid if I was born after the 20th?
For individuals born after the 20th of the month, the payment date will be September 25.
What’s the average Social Security payments?
As of 2024, the average monthly Social Security payments is $1,919.