Americans to get payment worth up to $4,873 – but your birthday determines when the check drops in accounts

A PAYMENT of over $4,500 is set to hit some bank accounts but the exact date is dependent on your birthday.

Social Security recipients could get as much as $4,873 which is currently the maximum monthly benefit.

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The exact amount of the payment will differ per recipient as it is based on previous earnings and the age people start claiming.

Meanwhile, the dates that the money is released to recipients are entirely based on their birthdays.

Those born between the 1st and 10th of any given month will get their benefits on the second Wednesday of each month, per the Social Security Benefit Payment calendar for 2024.

For those with birthdays between 11 and 20, they will get their payments on the third Wednesday of every month.

And for retirees born between the 21st and 31st, they will have to wait for the fourth Wednesday to receive their checks.

So, for September, the first wave of payments will be issued on the 11th, this will be followed on the 18th and then on the 25th with the final round of benefit payouts for the month.

HOW MUCH?

Amounts are based on an employee’s lifetime earnings, birth year, and when they begin receiving benefits.

The Social Security Administration will look at the number of credits you have earned through years of work to see if you qualify for retirement benefits.

It will also assess the average indexed monthly earnings over a 35-year period in which the SSA will look at the highest earnings an individual has made.

Other factors that impact the amount of benefits you will receive during retirement include the age you start claiming the benefits.

Those who start at 62 years old get a reduced rate while those who put off retirement up to the age of 70 will get an increase for each month that they delay retirement.

For 2024, the maximum monthly benefit of $4,873 is only paid to those who waited until 70 years old to retire.

Meanwhile, those who waited until their full retirement age can get up to $3,822.

Full retirement age is decided by birth year.

September Social Security payment dates:

Social Security benefit recipients will receive payments on the following dates, depending on their birthdays:

11th September – For those born between the 1st and 10th of any month.

18th September – For those born between the 11th and 20th of any month.

25th September – For those born between 21st and 31st of any month.

For those born in 1957 or earlier, full Social Security benefits can already be claimed.

“The full retirement age increases gradually if you were born from
1955 to 1960 until it reaches 67,” the SSA states .

“For anyone born 1960 or later, full retirement benefits are payable at age 67.”

However, those who decide to claim benefits as soon as they can aged 62 will get the lowest amount which is currently a maximum of $2,710.

CHANGE IS COMING

Meanwhile, later this month, recipients of Social Security benefits will see three major changes thanks to new rules that will be enforced from September 30.

The new rules will “expand the definition of a public assistance household,” as more people will be made eligible for payments, according to the Social Security Administration .

Those who are on SNAP food benefits could be eligible for SSI as well as those living in households where not everyone qualifies for public funding.

Meanwhile, as people look to their payments for 2025, a non-profit group has estimated the cost of living adjustment, or COLA, for next year.

Seniors may get a 2.6% increase to help them cope with inflation , according to experts, though the official number will not be announced until next year.

Who can receive Social Security Benefits?

In addition to retired Americans, the following categories of people are eligible to receive Social Security payments:

• Someone with a qualifying disability
• A spouse or child of someone getting benefits
• A divorced spouse of someone getting or eligible for
  Social Security
• A spouse or child of a worker who died
• A divorced spouse of a worker who died
• A dependent parent of a worker who died

Source: Social Security Administration