Social Security Benefits at Age 70: How to Qualify for $4,873 Across Two Payments

The Social Security Administration has recently announced two more pay days this November for retirees, and cleared many misconceptions about whom this will affect, including when. The money it disburses comes to retirees and other qualified recipients, one of whom may include individuals who qualify for Social Security Disability Insurance, and can go up as high as $4,873 for certain qualifications.

Below is an in-depth explanation of the payment schedule for November, along with the maximum benefits that are available.

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November Payment Dates

Social Security payments are scheduled to be made on the second, third, and fourth Wednesdays of each month. The remaining payment dates for the month of November 2024 are as follows:

• The 20th of November is slated for retirees whose date of birth falls between the 11th and the 20th days of any given month.
• The 27th of November is slated for retirees whose date of birth falls between the 21st day and the 31st day of any given month.

You should have filed your claim, received approval from the Social Security Administration, and qualify under those requirements to receive those benefits. The dates when you might be paid will differ, but if you started to collect benefits before May 1997 or if you collect Supplemental Security Income (SSI).

Who Receives Payments

• Those born between the 11th to 20th of any given month are classified as born.
• Special Benefits in Retirement or Disability from Social Security (SSDI).
• Those who do not receive Social Security and whose payments have not yet started before May 1997, then this program cannot be availed.

Eligibility

• Birth dates that fall between the 21st to 31st of any given month.
• Many have taken their Social Security retirement or Social Security Disability Insurance checks.
• Exceptions: the same as noted above.

These benefits include, of course, recipients of Social Security Disability Insurance (SSDI) – although their awards are usually smaller than those of retirees.

Social Security Payments

There are many factors that go into your Social Security benefits, including the history of your work, your wages, and the age at which you file for the benefits. Below is a list of the maximum amounts based on the filing age:

How to Qualify

You will qualify for the highest payment of $4,873 if you meet all of the following requirements at age 70:

• Thirty-five years of work: Your benefit is the sum of the highest thirty-five years.
• To become Contribution and Benefit Base, you must receive every year the maximum taxable income available for every year in the 35-year period.
• You pay Social Security payroll taxes for social security coverage of all positions that you hold.
• You would need to wait till you are 70 years old to file your retirement income tax return, and this will result in making your monthly payments higher.

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SSDI Payments

Although SSDI payments are a part of these dates, they are mostly lower compared to your retirement benefits. The exact amount is determined by two main factors: whether or not you qualify and your work history.

Plan Ahead

If you expect to receive Social Security payment on either November 20 or November 27, then you should know those dates since they can help you with your finances and the fact that a vast majority of payment method includes direct deposit and mailing of cheques that can ensure punctual receipt of benefits.

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