If Your Birthday Is Between These Dates, Social Security Will Pay You up to $4,873 Within Hours

New Rounds of Social Security SSDI Benefits Come In Less Than Two Weeks

Bad News From IRS: Your Tax Refund May Be Delayed (And Smaller Than Expected)

In less than 48 hours, millions of retirees and Social Security Disability Insurance (SSDI) recipients will be receiving happy news: the next monthly payment is coming, and it can be as high as $4,873, the maximum limit that the Social Security Administration (SSA) delivers in 2024.

As you already know, the SSA usually makes a total of five rounds of payments each month. The first payment date is the 1st of each month, when those covered by Supplemental Security Income (SSI) receive their benefits. This arm of the Social Security system provides monthly payments to people with disabilities and older adults who are in vulnerable economic situations, in order to prevent them from falling into poverty. The maximum SSI payment limit in 2024 is $943 per person and $1,415 per couple applying together.

Retirement and SSDI Payments

After that payment comes four more: there are three that are made on the second, third and fourth Wednesday of each month, and it is for Social Security retirement beneficiaries and for those who receive SSDI. In the middle of the SSI, and the first payment of the “Wednesday” group, is on the 3rd of each month, when those people who applied before May 1997 and those who receive both social security and SSI receive their benefits.

These lucky people are paid separately, which for many can be very beneficial: they receive their SSI payment on the 1st of the month and Social Security on the 3rd.

Before We Move Towards July, One Last Social Security Payment Is Due in June 2024

Although we are already talking about July because we are about to start that month, there is still one last payment of the month of June corresponding to the fourth Wednesday.

On that day, those social security and SSDI beneficiaries who turn between the 21st and the 31st of any given month receive their payments. The maximum amount that the SSA pays to social security retirement beneficiaries is $4,873 (and we’ll tell you how it’s done to reach that monthly amount), while for SSDI it’s $3,822 per month.

SSA june 2024 schedule — One more Social Security round of payments before July kicks in.

How to Receive the Maximum Social Security Benefit: Three Clear Strategies

Those people who want to opt for the maximum social Security retirement benefit must meet three basic requirements, which are not necessarily complex but correspond to long-term planning that takes years. The individual must have had a high income for 35 years and make sure that the totality of all months and years have been properly reported with the correct amounts to the SSA. For each year that is not reported, $0 will be counted in the final calculation, so your average will go down and your monthly profit will be pushed down.

The maximum amount of annualized income that is computed in the “indexed average monthly income” (AIME) is adjusted annually, and for 2024 it is $168,800. If you had an income close to that limit for 35 years, the AIME calculation chooses the income that is in the highest average. The agency uses a somewhat complex benefits formula to explain quickly, but it calculates your “primary insurance amount” (PIA) at your full retirement age (FRA). If you start your retirement income in your FRA, then your monthly retirement benefit will be equal to your PIA.

How Delaying Your Retirement Boosts Payments

The last strategy that a retiree aiming for $4,873 should take into account to reach that goal is to delay retirement until age 70, the maximum age at which Social Security credits stop accumulating.

Although you can start receiving your benefits from the age of 62, it is not recommended because that causes a substantial and lifetime reduction of benefits. In some cases, you can lose up to 30% of the potential payment compared to if you retire at 70. Financial experts recommend waiting until full retirement age (FRA), at a minimum, or else directly postpone the decision until the age of 70 to reach a juicier check.