If you have not collected your Social Security payment in February yet, it is more than likely that you qualify for the Feb. 26 payday. This could be the payday for three groups of recipients, RSDI (Retirement, Disability, and Disability), but the maximum amounts will be for retirees and SSDI beneficiaries.
The requirement the Administration has established to get the direct deposit or check on the 26th is simple. Recipients must have been born from the 21st to the 31st. What is more, there are some restrictions. If you are also receiving SSI, you do not qualify. Besides, it is only for those beneficiaries on benefits after April 30, 1997.
Who will receive a Social Security payment worth $4,018?
This large payment will only be sent to retired workers who earned the taxable maximum for 35 years. As a matter of fact, this is the maximum amount retirees can receive at Full Retirement Age.
Bear in mind that retirees can get a lot more than that if they have filed at the age of 70. The reason why they can get $5,108 is because they qualify for delayed credits, have worked for 35 years in jobs covered by SSA and earned the taxable maximum all those years.
However, if you are on SSDI, the largest payment will be $4,018 because a disability prevents you from working longer. Keep in mind that only a small percentage of recipients get so much money, on average payments for SSDI or retirement are much lower.
Social Security average payment on Feb. 26
Retirees can get about $1,978 from Social Security. This is the average payment for retirement as of January 2024. Some retirees who have filed at 62 may get a lot less.
Early filing can reduce your monthly payment by 30%. Those workers who have only worked for 10 years and just received 40 work credits may even need to apply for SSI if they have a low income.
SSDI (Social Security Disability Insurance) recipients can get $1,580 on average from the Agency. Hence, they receive lower payments on average than retirees too.