Last Chance to Claim Your $4,873 Social Security Benefit in November 2024

By John

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As November 2024 comes to a close, eligible retirees have one last opportunity to claim the maximum Social Security benefit of $4,873. If you want to secure this payment, it’s important to understand the eligibility requirements, payment schedule, and steps needed to ensure you get the full amount. This guide provides all the latest details to help you claim your entitled benefits before the deadline.

Understanding the $4,873 Maximum Benefit

The Social Security Administration (SSA) offers a maximum monthly benefit of $4,873 in 2024 for retirees who meet specific criteria. To reach this amount, you need to:

  • Earnings History: Consistently earn high wages for at least 35 years, meeting or exceeding the taxable maximum each year.
  • Retirement Age: Delay claiming benefits until you turn 70 to take advantage of maximum delayed retirement credits.
  • Work Credits: Earn at least 40 work credits, usually earned over a minimum of 10 years of work.

Eligibility Criteria for the Maximum Benefit

To qualify for the maximum payment of $4,873, you must meet the following conditions:

  • Delay Benefits: Wait until you turn 70 to begin collecting Social Security benefits.
  • Maximize Earnings: Have a history of high earnings that meet or exceed the taxable maximum for 35 years.
  • Work Credits: Accumulate at least 40 work credits by working in jobs that are covered by Social Security.

November 2024 Payment Schedule

The SSA schedules payments based on the beneficiary’s birth date. Here’s the payment schedule for November 2024:

  • Birth Date Range 1st – 10th: Payment Date – November 13
  • Birth Date Range 11th – 20th: Payment Date – November 20
  • Birth Date Range 21st – 31st: Payment Date – November 27

Steps to Claim Your Maximum Benefit

To ensure you receive the maximum Social Security benefit, follow these steps:

  1. Review Your Earnings Record: Check your Social Security Statement online to ensure your earnings history is correct.
  2. Verify Work Credits: Confirm that you have earned at least 40 work credits through covered jobs.
  3. Plan Your Retirement Age: Consider delaying your benefits until age 70 to receive the maximum monthly amount.
  4. Apply for Benefits: Apply online through the SSA’s website, by phone, or in person at a local office.

Impact of Delayed Retirement Credits

By delaying your retirement benefits past your full retirement age (FRA), you can increase your monthly payment. Each year you wait until age 70, your benefit rises by about 8%. This could significantly boost your financial security once you retire.

If you’re eligible, now is the time to act. November 2024 marks the last chance to claim the $4,873 maximum benefit. By understanding the eligibility requirements, following the payment schedule, and strategically planning your retirement, you can make sure you receive the full benefits you’re entitled to. Don’t wait—ensure you secure your Social Security payments before the deadline.

FAQs

  1. What is the taxable maximum for earnings in 2024? The taxable maximum for Social Security in 2024 is $160,200. Earnings above this amount are not taxed for Social Security purposes.
  2. How do I check my work credits and earnings history? You can check your work credits and earnings by creating a “my Social Security” account on the SSA’s official website.
  3. Can I still receive the maximum benefit if I retire before age 70? No, if you retire before age 70, your benefits will be lower. To get the full $4,873, you must wait until you reach 70.
  4. Can I apply for Social Security benefits online? Yes, you can apply for benefits online through the SSA website, by phone, or in person at a local SSA office.
  5. How often are Social Security benefits paid? Social Security benefits are typically paid once a month. Payments are scheduled based on your birth date.

 


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