The Social Security Administration (SSA) has confirmed that a new round of payments will be distributed to eligible beneficiaries on December 18, 2024.
For many retirees, this payment could be as high as $4,873, depending on their individual eligibility and benefit amounts. As the year draws to a close, this payment could serve as a significant financial boost for those who depend on Social Security checks to cover their living expenses.
If you are a current Social Security recipient, it’s crucial to know whether you’re among the retirees set to receive this payment and what you can expect. In this article, we’ll break down the details of the upcoming payment, who qualifies, and how you can confirm if you’re on the list to receive this important deposit.
What is the $4,873 Social Security Payment?
The $4,873 check refers to the maximum monthly Social Security benefit that an individual can receive. This amount is only applicable to those who have worked for a sufficient number of years, have paid into the system through payroll taxes, and have reached the maximum eligibility age.
In 2024, the maximum monthly benefit for someone who begins receiving Social Security benefits at full retirement age (67) is $4,873. However, this is not the typical benefit for most recipients. The average Social Security benefit is considerably lower, with most retirees receiving anywhere between $1,500 and $2,000 per month.
To qualify for the maximum benefit, recipients must have worked for at least 35 years and have earned the highest possible lifetime average wage. This requires a combination of factors, such as having consistently high earnings throughout one’s career, which contributes to a higher monthly payout.
Who Will Receive the Payment?
Not every Social Security recipient will receive the maximum benefit of $4,873. The amount you receive depends on several factors, including:
- Your earnings history: The Social Security Administration calculates your monthly benefit based on your 35 highest-earning years. The higher your lifetime earnings, the more you’ll likely receive.
- Your age at retirement: The full retirement age is 67 for those born in 1960 or later. If you start receiving benefits before reaching full retirement age, your monthly benefit will be reduced. Delaying your benefits until after age 67, up to age 70, will result in higher monthly payments.
- Type of benefits: Social Security benefits are available for retirees, disabled individuals, spouses, and survivors. Each group has different eligibility requirements and benefit calculations.
If you qualify for the maximum monthly benefit, you can expect a payment of $4,873 on December 18, assuming you are already enrolled in Social Security. Payments are distributed based on the recipient’s birth date and payment schedule.
When Will You Receive the December 18 Payment?
For those who are eligible, the December 18 payment will follow the usual distribution schedule set by the Social Security Administration. Social Security payments are typically made on the 2nd, 3rd, and 4th Wednesdays of each month, depending on the recipient’s birth date. Here’s how the SSA schedules payments for the rest of December:
- December 11: Those born between the 1st and 10th of the month will receive their payment.
- December 18: Those born between the 11th and 20th of the month will receive their payment.
- December 25: Those born between the 21st and 31st of the month will receive their payment.
If you are enrolled in direct deposit, you can expect to see the payment in your bank account on the corresponding date. If you receive your benefits via paper check, it may take a few additional days for the check to arrive by mail.
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To confirm whether you’ll receive the $4,873 check or any Social Security payment, follow these steps:
- Check Your Social Security Statement: Log into your my Social Security account on the SSA website. This portal allows you to view your personal earnings history and estimated future benefits, including the amount you can expect to receive based on your current age and retirement status.
- Review Your Most Recent Payments: If you have already been receiving Social Security benefits, review your monthly statement or bank account for the most recent payment amounts. If you’re eligible for the maximum benefit, your payments should reflect that.
- Call the SSA: If you’re unsure or have questions about your specific situation, contact the SSA at their toll-free number 1-800-772-1213 for personalized assistance. Representatives can provide details on your benefit amount and eligibility.
- Automatic Adjustments for Inflation: The Social Security Administration adjusts benefits each year based on the Cost-of-Living Adjustment (COLA), so your benefits may fluctuate based on inflation and other economic factors. The 2024 COLA increase was announced as 3.2%, which will affect the amount of benefits paid starting in January 2024.
What to Do If You Haven’t Received Your Payment
If you believe you are eligible for the December 18 payment but haven’t received it, there are a few steps you can take:
- Double-check your payment date: As mentioned earlier, payments are distributed based on birth dates, so ensure that your payment is due for the correct date. For those whose payment is scheduled for December 18, it should arrive on that day if all the information is correct.
- Verify your payment method: If you receive paper checks, consider whether there have been delays due to postal services. If you don’t have direct deposit set up, the check may take longer to arrive.
- Contact the SSA: If you still don’t see the payment after a reasonable wait, contact the Social Security Administration directly to inquire about any issues with your payment.
Conclusion
The December 18 Social Security payment is an important date for millions of retirees who rely on Social Security benefits to meet their financial needs.
If you qualify for the $4,873 maximum benefit, this payment could provide a significant boost as the year ends. However, even if you don’t qualify for the highest payout, Social Security remains a vital support system for millions of people.
Make sure to check your eligibility and payment schedule to ensure you receive your benefits on time. And if you have any questions or concerns, the SSA is there to help guide you through the process.