$4873 Social Security: You must pay into Social Security as you make money if you work in the United States. And as such, you might be keen to get as much money in benefits as you can in retirement.
Knowing that this year’s maximum monthly amount Social Security will pay out is $4,873 may potentially pique your curiosity. By itself, that’s a respectable income of more than $58,000 annually. Here are the three actions to take if that’s one you’re interested in snagging.
When will the $4873 Social Security payment go out?
Social Security beneficiaries whose birthdays fall between the eleventh and twentieth of any given month will get their monthly payment directly from the SSA on Wednesday, May 15.
$4873 Social Security Payment: Who is eligible to get this payment and when is it being deposited?
Sadly, not every beneficiary will get the full $4,873 that is open to claimants. The SSA reports that the average monthly Social Security retirement benefit for January of this year was $1,907. 55 million American seniors 65 years of age and up received retirement checks in April.
Retirement benefits are awarded based on the claimant’s birthdate and are calculated by the amount earned while employed and the age at which they stopped working. As per Newsweek, payments in 2024 will increase because to the annual COLA, or cost-of-living adjustment. Recipients will receive 3.2% more this year than they will in 2023.
This is because benefits increase annually following the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Benefits grew by 8.7% in 2023, the largest single rise in SSA history, as inflation rose following the end of the coronavirus pandemic.
The Congressional Budget Office presently projects that COLA will enhance benefits by 2.5%, the exact amount will be disclosed in October.
Additionally planned to be sent out later in the month are payments to those whose birthdays come in the later days of the month. May 15 will see the payment in bank accounts for those whose birthdays fall between May 11 and 20. Those who were born between the 21st and 31st of a particular month receive the final regular payout on May 22.
Social Security and Medicare gain years before benefit cuts, still face shortages
For some receivers, this month may see an unusual double payment. Those who are normally paid on the first of each month—typically retirees living overseas and Supplemental Security Income (SSI) claimants—will get their money one day early on May 31 rather than June 1. This does not indicate beneficiaries will receive an additional amount; rather, it is because the typical payout date falls on a Saturday.
The SSA advises waiting three postal days before calling them if you don’t receive your payment on the appointed day.
