Those who retired at the age of 70 and were born between the 1st and 10th of a month will be the first to receive up to $4,873 in Social Security payments for August on August 14th.
The Social Security Administration (SSA) manages monthly Social Security payments given to retirees to help replace their income after they retire.
Funding for Social Security comes from a payroll tax that is contributed by both employers and employees. Individuals become eligible to receive Social Security payments at the age of 62. As of 2024, the highest monthly benefit amount is $4,873.
To get a 100% Social Security payment, you need to have earned 40 credits, which means you have worked and paid into Social Security for at least 10 years.
One of the criteria for receiving benefits from the Social Security program is having minimal or no income. The amount of Social Security income for retirees differs based on the age at which they applied for their retirement benefits.
Social Security Payment Schedules For August 2024
Social Security monthly payments usually start getting distributed on the second Wednesday of every month, and then weekly throughout the month. The specific day of payment is based on the retiree’s birth date.
For retirees who claimed benefits before May 1997, payments will be issued on August 2nd. Although the usual payment date is the 3rd of the month, the benefits will be delivered earlier as August 3rd falls on a weekend.
The subsequent payment dates are as follows for retirees who claimed benefits after May 1997:
- Retirees born between the 1st and 10th of a month will receive payments on Wednesday, August 14.
- Retirees born between the 11th and 20th of a month will receive payments on Wednesday, August 21.
- Retirees born between the 21st and 31st of a month will receive payments on Wednesday, August 28.
Who Are The First American Retirees Who Will Get Up To $4,873?
When it comes to your Social Security retirement benefit amount, it is influenced by various factors such as the age you choose to retire, the total amount you have paid into Social Security, and the number of years in which you have made contributions to Social Security.
Retiring at the youngest age of 62 allows for a maximum benefit of $2,710 per month, those who claim benefits at 67 can receive up to $3,822 per month, while delaying retirement until age 70 can provide up to $4,873 per month.
Those who retired at the age of 70 and were born between the 1st and 10th of a month will be the first to receive up to $4,873 in Social Security payments for August on August 14th.
