In less than two weeks, the first Social Security payment of up to $4,873 will be sent to higher-income qualifying retirees who retire at age 70. This first payment is scheduled for Wednesday, April 10, according to the schedule established by the Social Security Administration (SSA).
This first group is those people with birthdates between the 1st and the 10th of any month, and is the first of the three disbursements: the other two are given on the two subsequent Wednesdays.
Two More Social Security Payments to Be Sent in April
Two groups of beneficiaries will receive their payments on the two Wednesdays following the April 10:
- On April 21, those who have birthdays between the 11th and the 20th of any given month will receive their payments.
- On April 24th it will be the turn of those whose birthday is between the 21st and the 31st of any given month.
- April 29th is the payment date for those who receive Supplemental Security Income.
If you don’t receive your payment on the expected date, please allow three additional mailing days before contacting Social Security.
Who Can Get Up to $4,873 in Social Security Benefits This Month?
Currently, the maximum benefit that a Social Security retiree can collect is $4,873, it’s a big number, but you need to meet a series of requirements, starting with the salary that you must earn in the year at the time of retirement.
To even have a chance at receiving the maximum Social Security benefit at retirement, you’ll need to earn $168,600 this year. So is this the magic number you need to reach? Well, yes and no.
This is the income threshold that you need to reach in 2024. However, the maximum changes every year. Because of how Social Security retirement benefits are calculated, you must earn the maximum salary for 35 years.
But, before the Social Security Administration can determine how much you will receive from Social Security, it makes several important calculations. One of them is the calculation of the average indexed monthly earnings (AIME), which is your average inflation-adjusted income during your 35 highest earning years.
Once you have the AIME, the Social Security benefits formula that was in effect when you turned 62 applies. This produces the PIA, which is the theoretical maximum amount of benefits. However, this PIA is not always equal to the actual monthly benefit you will receive.
This table shows the maximum earnings thresholds by year since 1973:
| Year | Earnings threshold | Year | Earnings threshold |
|---|---|---|---|
| 1973 | $10,800 | 1999 | $72,600 |
| 1974 | $13,200 | 2000 | $76,200 |
| 1975 | $14,100 | 2001 | $80,400 |
| 1976 | $15,300 | 2002 | $84,900 |
| 1977 | $16,500 | 2003 | $87,000 |
| 1978 | $17,700 | 2004 | $87,900 |
| 1979 | $22,900 | 2005 | $90,000 |
| 1980 | $25,900 | 2006 | $94,200 |
| 1981 | $29,700 | 2007 | $97,500 |
| 1982 | $32,400 | 2008 | $102,000 |
| 1983 | $35,700 | 2009 | $106,800 |
| 1984 | $37,800 | 2010 | $106,800 |
| 1985 | $39,600 | 2011 | $106,800 |
| 1986 | $42,000 | 2012 | $110,100 |
| 1987 | $43,800 | 2013 | $113,700 |
| 1988 | $45,000 | 2014 | $117,000 |
| 1989 | $48,000 | 2015 | $118,500 |
| 1990 | $51,300 | 2016 | $118,500 |
| 1991 | $53,400 | 2017 | $127,200 |
| 1992 | $55,500 | 2018 | $128,400 |
| 1993 | $57,600 | 2019 | $132,900 |
| 1994 | $60,600 | 2020 | $137,700 |
| 1995 | $61,200 | 2021 | $142,800 |
| 1996 | $62,700 | 2022 | $147,000 |
| 1997 | $65,400 | 2023 | $160,200 |
| 1998 | $68,400 | 2024 | $168,600 |
The Social Security system is for those who work in a formal and legal job, and who contribute to Social Security the corresponding taxes. It is different in the case of state, county or municipal employees, who are covered by differentiated pension plans financed by the state and not by Social Security.
Those federal employees hired before 1984 were under the regime called the Civil Service Retirement System, which is no longer active (only for those who were covered). Railway employees are also covered by a different pension system, with different amounts, procedures, and requirements to qualify for.