Social Security announces date for final payment of up to $4,873 – check if you’re eligible
Select Social Security payments worth up to $4,873 will be paid out this week.
About 68 million Americans receive some form of Social Security benefits each month.
Total payments, including retirement, disability and survivor benefits, now cost the government around $1.5 trillion a year.
Due to the large number of check recipients, payments are usually spread throughout the month.
Two groups of Americans can expect to receive their payments in the first week of September.
Some pension payments will arrive in the first week of September
For those who have been receiving Social Security benefits since 1997 or who receive both retirement benefits and Supplemental Security Income (SSI), those amounts were paid yesterday, September 3.
The highest pension payments are up to $4,873, but for the majority of recipients the amount is likely to be lower.
In fact, the average monthly pension amount is $1,907. This amount takes into account the 35 highest-earning years of the retiree’s working life and is adjusted for inflation.
“The maximum benefit depends on your retirement age. For example, if you retire in 2024 at full retirement age, your maximum benefit will be $3,822,” the SSA website states.
“However, if you retire in 2024 at age 62, your maximum benefit will be $2,710.”
“If you retire in 2024 at age 70, your maximum pension will be $4,873,” the website says.
Those receiving only SSI benefits and no pension should have received their checks on August 30, since the usual payment date of the first of the month fell on a weekend.
The highest SSI payment that can be claimed for an individual is currently $943 and for a couple is $1,415.
Other beneficiaries will receive their payments starting next week, depending on their date of birth.
Other benefits are paid according to the recipient’s date of birth.
If you were born between the 1st and 10th of a month, you will receive your monthly check on September 11th.
Applicants whose birthdays fall between the 11th and 20th of each month will receive their payments the following week on September 18th.
The last group, whose birthday is between the 21st and 31st of the month, will receive their benefits on September 25th.
The SSA recommends waiting three business days after a due date before contacting them about a late payment.
