According to the Social Security Administration (SSA), millions of Social Security benefits are scheduled to be mailed the next week. After yesterday’s payment, the last round of payments will be sent on Wednesday, March 27th. Eligible retired workers born between the 21st and 31st will get up to $4,873 in monthly benefits.
Retired workers should know that not everyone qualifies to receive the $4,873 maximum benefit payment, as they must meet first some requirements established by the Social Security Administration (SSA). There are four main requirements to determine if you qualify for the maximum benefit payment including having earned a high wage over time, employment history, your full retirement age (FRA), and the age at the time you claimed your first Social Security benefit.
Retired workers eligible for $4,873 in Social Security benefits
Once the SSA has received the information from the previously specified requirements, your benefit will be calculated using the average of your pay over the 35 years of employment. However, your Social Security contributions should have been made with the highest taxable earnings to increase the likelihood of receiving this amount.
Because of inflation, this cap varies year after year. However, by 2024, it will be $168,600. To put things in perspective, the cap was $48,000 per year 35 years ago in 1989. Lastly, the Social Security Administration (SSA) will compute all factors and the figure obtained from this calculation will be adjusted to reflect the cost of living adjustment (COLA) increases.
According to The Senior Citizens League’s (TSCL), most recent revised COLA forecast, there will be a 2.4% raise next year. This has raised fears among retirees, who believe their monthly Social Security benefits will not be enough to keep up with inflation. If this prediction is confirmed, it will be the smallest rise since 2017, with the average monthly benefit estimated to be $37.
How does the full retirement age (FRA) impact your future Social Security benefits?
The full retirement age (FRA) has a direct impact on your Social Security benefits because if a citizen retires in 2024 at 67, which is currently the full retirement age, their monthly payments will be $3,822. Now, if they retire at 62, which is approximately four years before attaining the FRA, their monthly benefit will be lowered to $2,710.
Finally, if citizens waited until the age of 70 to retire, they would be entitled to the maximum payment, which was set at $4,873 in 2024. Therefore, the earliest you can start receiving benefits is at age 62 but if you wait until age 70, you will get the chance to reach the maximum benefit payment depending on your contributions and working history. Even though it is difficult to receive the maximum Social Security payment, with the appropriate strategy and working history you can increase the probability of reaching this monthly $4873, check.
Social Security benefits for retired workers in April
Retired workers need to be aware of when their Social Security benefits are paid because these payments are essential for covering living expenses and budgeting. The confirmed Social Security payment schedule for April 2024 can be found here. To get detailed information regarding Social Security payment dates, check the Social Security Benefit Payment Schedule 2024.
| Social Security Retirement Program | Day of the month | Confirmed payment date |
| Retired workers who claimed before May 1997 | April 3rd (Wednesday) | Payment is sent on the third of each month. |
| Retired workers who claimed after May 1997 | 2nd Wednesday (April 10th)
3rd Wednesday (April 17th) 4th Wednesday (April 24th) |
Beneficiary’s birth date: 1st – 10th.
Beneficiary’s birth date: 11th – 20th. Beneficiary’s birth date: 21st – 31st. |