The first round of December 2024 Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, will be distributed in six days. We try to provide a detailed overview of the payment schedule, eligibility criteria, and tips for maximizing benefits.
Payment Schedule
Social Security payments are typically issued on the second Wednesday of each month. For December 2024, the first round of payments will be sent out on December 11. Subsequent payments will be distributed on December 18 and December 24, depending on the recipient’s birth date.
Eligibility Criteria
Citizens are eligible for Social Security payments starting at age 62. The amount received depends on the retirement age, the amount paid into Social Security, and the number of years contributed. Retiring at age 70 can yield up to $4,873 per month.
Maximizing Benefits
To maximize Social Security benefits, consider delaying retirement until age 70, which can significantly increase the monthly payment. Additionally, using the Social Security Administration’s calculator can provide a personalized estimate of expected benefits.
Financing Social Security
Social Security is financed through a payroll tax paid by employers and employees. Without congressional action, payment amounts may decrease due to a rising number of retirees and a shrinking workforce
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