The Social Security Administration (SSA) is the federal agency responsible for administering monthly payments to about 67 million retired workers in the United States. These payments come from the Retirement, Survivor, and Disability Insurance (RSDI) program, funded by a payroll tax.
Both employers and employees contribute 6.2% of wages up to the taxable maximum of $168,600 (as of 2024), while self-employed individuals pay 12.4%. Let’s cut into the retirement program details, eligibility requirements, and who qualifies for the upcoming $4,873 monthly payment.
Eligibility
Retirees’ Social Security payments vary based on their full retirement age (FRA), work history, and contributions. To qualify for the $4,873 monthly payment, retirees must have claimed benefits up to age 70 and made contributions based on their highest taxable earnings over the last 35 years. If you don’t meet these criteria, there are other payment amounts available:
- $1,900: Average monthly payment for retired workers who didn’t contribute the maximum taxable earnings.
- $2,710: Monthly payment for those who claim benefits before reaching FRA (age 62).
- $3,822: Monthly payment for those who claim benefits at FRA (age 67 in 2024).
June Payment Schedule
The SSA updates its payment schedule annually to keep beneficiaries informed. Typically, the SSA makes five payments each month unless a payment date falls on a weekend or holiday. Here’s the schedule for June:
| Social Security Financial Programs | Payment Date | Payment Criteria |
|---|---|---|
| SSI benefit | No monthly payment | Payments resume on July 1st (June 1st is a Saturday) |
| Retired workers, survivors, and disabled (before 1997) | June 3rd (Monday) | Beneficiaries who applied before May 1997 |
| Retired workers, survivors, and disabled (after 1997) | June 12th (Wednesday) | Day of birth: 1st–10th |
| June 18th (Tuesday) | Day of birth: 11th–20th | |
| June 26th (Wednesday) | Day of birth: 21st–31st |
If you have questions about payment dates, check the official benefit payment schedule for 2024. If you haven’t received your payment, wait at least three mailing days before contacting SSA customer service.
2025 Cost of Living Adjustment
Looking ahead, Social Security beneficiaries are anticipating larger monthly payments in 2025 due to a projected COLA increase of 3.2%. With rising inflation, seniors are assessing whether these increases will adequately cover their living expenses. Here are the projected new Social Security payment amounts if the 3.2% COLA increase is approved:
| Social Security Payment | 2024 Amount | 2025 Amount (with 3.2% COLA) |
|---|---|---|
| Average | $1,900 | $1,960 |
| Age 62 | $2,710 | $2,796 |
| Age 67 | $3,822 | $3,944 |
| Age 70 | $4,873 | $5,028 |
Concerns
Many seniors are concerned about the future of Social Security. Financial experts warn that the Social Security trust funds could be depleted by 2033, potentially jeopardizing the benefits that beneficiaries currently receive. Staying informed and prepared is crucial as these discussions continue.
FAQs
Who is eligible for the $4,873 Social Security payment?
To qualify, retirees must have claimed benefits up to age 70 and made maximum contributions based on their highest taxable earnings over the last 35 years.
When will I receive my Social Security payment in June?
Payment dates vary based on your birthdate and when you applied for benefits.
What is the projected COLA increase for 2025?
The projected COLA increase for 2025 is between 2.6% and 3.2%, which will raise the monthly payments for beneficiaries.
How can I verify my Social Security payment schedule?
Visit the official SSA website or refer to the benefit payment schedule for 2024 to verify your payment dates.
What should I do if I don’t receive my payment?
Wait at least three mailing days past the expected date before contacting SSA customer service to report the issue.