The social security payment valued at $4873 will only be received by the highest-income earners who retire at age 70. The payment is set to happen on August 14th and will be eligible for those who meet the criteria of retiring at age 70.
Social Security checks have been in existence since 1935 and are managed by the Social Security Administration. They do this by sending monthly checks to retirees, as this serves as a replacement for their income the moment they stop working due to age constraints or other reasons.
What are the requirements for receiving social security payments in the US?
Typically, social security payments are made in the month when a retiree is born.
- Therefore, the first requirement for receiving the payment this month is that you must be born in August to receive a social security payment for this month.
- Also, the recipient must be at least 62 years of age or older.
- The retiree must be able to prove they have worked and paid Social Security taxes. This must span 10 years of their career.
What are the requirements for receiving the $4,783 on August 14?
- The individuals must be citizens of and should be residents of the United States to receive payment.
- Additionally, the individual must have been able to delay receiving the benefits until they are 70.
This means that instead of receiving the benefits at age 62, they delay until they are 70.
- The individual must have also been able to earn a high income in the course of their career. In other words, you must have hit or exceeded the maximum taxable amount of $168,000.
- More than this, they must also take the step to complete the application process. Without this, they cannot enjoy the benefits.
- The individuals must also be classified as retirees, survivors, or individuals with disabilities.
- The individuals must have been proven to attain the maximum work credit. Regular payment of the Social Security taxes for at least 10 years, which in turn equals 40 credit points, qualifies them for this.
Payment period
The Social Security Administration rolls out the Social Security Income payments on the first day of each month. The Social Security retirement benefits are then paid subsequently over the month.
For August 2024, the payments will be made on August 14, August 21, and August 28.
By successfully meeting the requirements above, American citizens can expect a check in August.
