Social Security payment is the cornerstone of millions of American retirees. On August 28, Social Security Administration (SSA), will send payments for many retirees across America, with some receiving as much as $4,873. However, to receive this amount you need to know the eligibility requirement.
Payment schedule for social security beneficiaries
The date you receive your payment is determined by the Social Security Administration (SSA). This schedule is based on your date of birth to ensure that payments are evenly distributed throughout the month. As a retiree, you need to understand this schedule to be able to plan your monthly budget and manage your finances effectively.
Additionally, if you were born between the 21st and the end of the month, your payments will be issued on the fourth Wednesday of every month. In August, the date falls on the 28th of August. On this day, some retirees will receive up to $4,873 which is the highest amount of monthly social security payment
Who will receive $4,873 by August 28
Retirees who have reached the age of 70 can stand a chance of receiving up to $4,873. This is the largest amount of payment that retirees can gain. However, besides your age, you must also have contributed to social security for a period of time especially when you were earning the highest amount of income. Another factor that the SSA considers is the period you filed for social security benefits. To receive $4,873 in social security, you are expected to have filed for your claim at the age of 70. So basically, these are the factors influencing the amount you receive as social security:
- The age at which benefits are claimed: if you claim your benefits at the earliest age of 62, you will receive a low monthly payment. However, if you hold back and claim your benefits at age 70 which is the full retirement age, then you can receive as much as $4,873.
- Lifetime earnings: The total amount you paid into social security during your highest earning years will affect the amount of money you receive from the SSA as your benefit.
- Work history: The number of years or the period you consistently contributed to social security also plays a significant role in determining your monthly payment.
Retirees who desire to find out the monthly payment amount they are likely to receive as social security can use the SSA online calculator. The online calculator can help provide estimates based on your income history and planned retirement age.
Will social security payments be increased
With the prevailing high rate of inflation and high cost of living, these benefits are usually adjusted to maintain its relevance in the lives of beneficiaries. This is done via the annual Cost of Living Adjustment (COLA) which ensures that payment amount aligns with inflation. That means, beneficiaries can expect periodic increases in their monthly benefits.
What to Do if You Haven’t Received Your Payment
Retirees who are yet to receive their monthly payment are required to wait a few days, specifically three days to ensure you are not having delivery or processing issues. After this, if you still do not get your payment then you can contact the SSA. Additionally, make sure that your important contact information such as your address are up to date on the SSA platform.
