The Social Security Administration (SSA) is preparing a special round of payments for October 16, 2024. These payments, known as select group-only benefits, are intended to provide financial support to a specific subset of beneficiaries. Those eligible could get up to $4,873, depending on several factors, such as their income history, retirement status and whether they qualify for certain federal programs. For those in this group, this payment represents a significant increase in their monthly income, especially in the midst of rising inflation and increased living costs.
It is essential to understand who qualifies for these unique payments to ensure that eligible individuals get the full benefit amount. While most Social Security payments are based on a beneficiary’s lifetime earnings and work history, this special payment is targeted to a particular group that may have additional financial support requirements.
Who is eligible to get the $4,873 Social Security check?
This unique payment is intended for beneficiaries who belong to specific groups, such as those who get Social Security Disability Income (SSDI) payments or Supplemental Security Income (SSI) recipients. In addition, some retirees with a long work history and who have contributed for many years to the Social Security system may also qualify. The exact amount beneficiaries will get depends on their prior earnings, the age at which they began receiving benefits, and whether they meet additional criteria for this exclusive payment.
For example, those who have worked in high-paying jobs throughout their working lives and have consistently contributed to Social Security are more likely to get the maximum amount. It is also important to note that beneficiaries with severe disabilities or those who rely on SSI may get higher payments, as the government takes into account their additional needs.
But regardless of the amount, what we do need to keep in mind is that there are two mandatory requirements for getting a check. These requirements are related to the year of retirement and the beneficiary’s birthday. Thus, the two exact requirements for the October 16th payment are:
- Have a benefit since after May 1997.
- Have a birthday between the 11th and 20th of any month.
Regardless of whether our payment is for Disability or whether we have the maximum Social Security check of $4,873 or less, we will still get a check if we meet both requirements.
How to Maximize Your Social Security Check
Maximizing your Social Security check is an important goal for many beneficiaries looking to ensure their financial stability in retirement. The amount you get each month depends on a number of factors, including your prior earnings, the age at which you decide to start receiving benefits, and how long you have worked. A key first step to maximizing your check is to delay applying for benefits. While you can start getting payments as early as age 62, waiting until full retirement age (age 67 for those born in 1960 or later) can increase your monthly payment significantly.
Another strategy is to make sure you are reporting all of your income correctly. If you have worked for several years and contributed to Social Security, each additional year of work can increase your benefits. The SSA calculates your payment based on your 35 highest earning years, so if you’ve had higher earning years, this can help increase your check. If you’ve worked less than 35 years, years with no earnings count as zeros, which can lower your average earnings and thus your benefits.
Finally, consider retirement options and how they affect your check. If you choose to get benefits before full retirement age, your check will be permanently reduced. On the other hand, if you delay your retirement beyond that age, you may accumulate additional credits, resulting in a larger monthly check. It’s also helpful to regularly review your benefit statement to make sure all information is current and accurate, which will help you get the most from Social Security.