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In a few hours, only a select group of retirees will receive the maximum Social Security payment of up to $4,873 per month.
This payment is managed by the Social Security Administration (SSA) and helps retirees cover their living expenses. Here’s what you need to know about these payments and how they work.
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To get the maximum payment, you must have started collecting benefits after May 1997 and have a birth date between the 21st and 31st. The SSA manages these payments and adjusts them yearly to keep up with inflation through the Cost of Living Adjustment (COLA).
Not everyone gets the maximum payment. To qualify, most workers need to earn 40 credits, which means working and paying Social Security taxes for at least ten years. You earn these credits through Social Security taxes taken from your paycheck. Younger workers can qualify for disability or survivor benefits with fewer credits. You can earn up to four credits per year.
Your full retirement age (FRA) affects your Social Security benefits. For example:
Starting benefits at 62 gives you earlier payments, but waiting until 70 can maximize your benefit based on your work history and contributions.
The SSA has specific payment dates for retirees:
| Retirement benefit program | Payment date | Payment Methodology |
| Retirees and survivors who collected benefits before May 1997 | July 3rd (Wednesday) | These retirees and survivors always receive their payments on the third day of every month |
| Retirees and survivors who collected benefits after May 1997 | July 10th (2nd) WednesdayJuly 17th (3rd Wednesday)July 24th (4th Wednesday) | Birth date: Between the 1st and 10th.Birth date: Between the 11th and 20th.Birth date: Between the 21st and 31st. |
Understanding your Social Security benefits is essential for planning your retirement. Whether you are just starting to think about retiring or are already retired, knowing the payment dates and how to qualify for benefits can help you make informed decisions. Make sure to consider your financial needs, life expectancy, and marital status when planning your retirement.
The maximum payment is $4,873 per month.
Retirees who started collecting benefits after May 1997 and have birth dates between the 21st and 31st.
You earn credits through Social Security taxes taken from your paycheck. You can earn up to four credits per year.
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Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on thecsc.org provide practical guidance to taxpayers.
