Retirement benefit payments of up to $4,873 this week, Social Security has just confirmed it

By Elena Cordelia

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Retirement benefit payments of up to $4,873 this week

Are you a retiree aged 62 or older? If so, you might soon receive a Social Security payment if you meet certain conditions. This guide will explain who qualifies for the next payment, how much you can expect, and when you’ll receive it. Let’s dive into the details to ensure you get your payment without any issues.

Who is Eligible for Social Security Payments?

To receive Social Security payments this week, you need to be either retired or on Social Security Disability Insurance (SSDI). Here are the main conditions for retirees:

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  1. Retirement Age and Conditions: You must be at least 62 years old.
  2. Payment Timing: You must meet specific conditions related to your retirement date and birth date.

Maximum and Average Benefits

The highest benefit you can get is $4,873, but this is only if you:

  • Earned the taxable maximum for 35 years
  • Filed at age 70
  • Paid enough taxes

However, most people receive average or below-average payments. Here’s what you need to know:

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Social Security Payment Dates in June

June 26, 2024, is the final payday for retirees this month. To be eligible for this payment, you need to:

  • Have been on benefits after April 30, 1997
  • If you started before May 1997, your payday will be on July 3 instead

Important Dates for Eligibility

If your birthday falls between the 21st and 31st of the month, you qualify for the June 26 payment. Birthdays outside these dates do not qualify for this payment date.

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What to Do If Your Payment is Late

Most payments are delivered on time. However, if you don’t receive your payment on June 26:

  • Wait three mailing days
  • Contact Social Security or your bank/financial institution

Understanding Benefit Amounts

As of May 2024, the average retirement benefit is around $1,916.63, which has increased by about $10 since January 2024. Here’s a breakdown of the average payments:

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  • Retired Workers: $1,916.63
  • Spouses of Retired Workers: $910.97
  • Children of Retired Workers: $893.89

SSDI Payments

If you are on SSDI, you might also receive a payment on June 26. The requirements are similar to those for retirees, but you must also have a qualifying disability. The average SSDI check is about $1,537.

Knowing when and how much you will get from Social Security can help you plan your finances better. Make sure you meet the eligibility requirements and check the dates to ensure timely payments. If you face any issues, don’t hesitate to reach out to Social Security or your financial institution for assistance.

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Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Elena Cordelia

Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on thecsc.org provide practical guidance to taxpayers.

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