On November 13, 2024, some American workers will receive a Social Security payment worth up to $4,873. This amount represents the maximum Social Security benefit for retirees, but only a select few will qualify. Here, we’ll break down the strict requirements needed to receive this payment, the schedule based on birth dates, and alternative benefit amounts for those who don’t meet all the criteria.
Payment Dates
The Social Security Administration (SSA) distributes retirement payments based on beneficiaries’ birth dates. Here’s the payment schedule for November:
- November 13: If your birth date is between the 1st and the 10th of any month.
- November 20: For birthdays from the 11th to the 20th.
- November 27: If you were born from the 21st to the 31st.
Note: If you received a Social Security payment on November 1, you are not eligible for these dates, as that payment was intended for SSI recipients or those who have been receiving benefits since before May 1997.
Requirements
To receive the full Social Security benefit of $4,873 in 2024, retirees must meet several stringent requirements:
- Work History of 35 Years: You must have worked for at least 35 years in a job covered by Social Security. Social Security benefits are based on your highest 35 years of earnings; fewer years reduce the average and result in a lower benefit.
- Earnings at the Taxable Maximum: For each of those 35 years, you need to have earned at least the taxable maximum. This means your income met or exceeded the maximum level subject to Social Security taxes each year. In 2024, the taxable maximum is $160,200.
- Filing at Age 70: To achieve the maximum benefit, you must have delayed filing until the age of 70. Delayed retirement credits, which increase monthly benefits for each year you delay past full retirement age, stop accumulating after 70.
- Covered Employment: All 35 years of your employment must be in jobs covered by the SSA. Certain government and railroad jobs may not qualify, so make sure your employment meets SSA guidelines.
Benefit Amounts
Not everyone will meet the stringent criteria for the maximum benefit. Here’s a look at the alternative benefit amounts available based on different retirement ages:
- Filing at Age 62: If you start collecting benefits at the earliest eligibility age, 62, you’ll receive a reduced amount. In 2024, this payment can be as high as $2,710, depending on your earnings history. However, filing early permanently reduces your benefit.
- Filing at Full Retirement Age (FRA): The full retirement age varies depending on your birth year, but for most, it’s around 66-67. Filing at your FRA in 2024 could provide a monthly benefit of up to $3,822, based on your earnings.
The SSA has confirmed that these benefits will increase in 2025 due to the annual Cost-of-Living Adjustment (COLA). This adjustment helps retirees keep pace with inflation, so those currently receiving high benefits may see even larger payments starting in January.
Payment Schedule
Social Security payments are issued according to birth dates, which helps spread disbursements throughout the month. Here’s a quick guide to the three main payment dates in November:
| Birth Date Range | November Payment Date | Max Monthly Benefit |
|---|---|---|
| 1st – 10th | November 13 | $4,873 |
| 11th – 20th | November 20 | $4,873 |
| 21st – 31st | November 27 | $4,873 |
To qualify for these payments, you cannot be receiving Supplemental Security Income (SSI), nor should you have been on Social Security benefits before May 1997.
Key Takeaways
Achieving the maximum Social Security benefit requires a combination of high, consistent earnings and strategic timing. For most people, waiting until age 70 to file is essential to receive the maximum payment. However, delaying may not be practical for everyone, as health, financial need, and life expectancy play significant roles in deciding when to begin benefits.
For those already receiving benefits, the SSA will adjust payment amounts in 2025 with the annual COLA increase, providing a welcome boost to current recipients. Knowing these criteria can help workers make more informed retirement decisions and potentially increase their future Social Security benefits.
FAQs
What is the maximum Social Security benefit in 2024?
The maximum monthly benefit is $4,873 for those who qualify.
Who qualifies for the $4,873 payment?
Workers who filed at age 70 and had high earnings for 35 years.
When will November payments be sent?
November payments will be sent on the 13th, 20th, or 27th based on birth dates.
How much can I get if I file at age 62?
If you file at 62, the maximum benefit is $2,710 in 2024.
What if I received a payment on November 1?
You won’t receive any of the payments on November 13, 20, or 27.
