$4873 Social Security Payment: Millions of seniors to receive payments today

$4873 Social Security Payment: Today marks the day that millions of seniors will get their monthly Social Security benefit.

All recipients of Social Security benefits receive their payments each month, although not all receive them on the same day. The Social Security Administration (SSA) provides monthly benefits to retired Americans, blind or disabled individuals, and living relatives of claimants who have passed away.

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Those born between the 21st and the 31st of any given month and celebrated their birthday today, Wednesday, June 26, will get their monthly reward. This covers anyone who ceased getting Social Security payments before 1997.

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Checks should have already been sent to recipients who were born on dates earlier in the month. Individuals whose birthdays fall between the first and tenth of any given month should have received their checks on June 12; those whose birthdays fall between the eleventh and twentieth should have received their checks on June 18.

If you have been getting payments since before May 1997 or are a Supplemental Security Income (SSI) claimant, you should have gotten your Social Security benefits on May 31 or June 3, respectively.

The customary payment date coming on a Saturday this month prompted two changes to the timetable. SSI recipients received their monthly amounts one day earlier than usual. Benefits are never paid on holidays or weekends.

“We do this to avoid putting you at a financial disadvantage and make sure that you don’t have to wait beyond the first of the month to get your payment,” the SSA confirmed in a 2022 blog post. “It does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment.”

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If your payment shows differently than expected, the SSA recommends waiting three working days following the payment date before contacting them.

According to Newsweek, your Social Security filing age and the income you earned during your years of peak employment will define your benefit level. While the maximum amount available for qualifying recipients is $4,873, the average amount paid out in January of this year was $1,907.

The $4,873 cap will only be accessible in 2024 to people who retire at age 70. Your maximum payout would be $2,710 if you quit your job and started collecting retirement benefits at the earliest age possible, which is 62.