Social Security has just announced the return of one of the shortest and most anticipated programs of the year. Do you know which one we are talking about? It is also one of the easiest to receive, since it only has two requirements. Get to know the new $4873 payment in April and find out how you can apply for it (for which, it must be said, you have only a few days left, so don’t miss this opportunity).
New $4873 payment in April: Social Security confirms what has been rumoured
A new round of social security payments worth up to $4873 will be distributed in April to eligible recipients. The payments aim to provide financial relief to millions of Americans in the wake of rising inflation and cost of living, even with the IRA modifications.
The payments are part of an ongoing effort by the Social Security Administration to support retirees, people with disabilities, and other beneficiaries through monthly benefits. With prices surging for gas, food, housing and other essentials, the extra money will help offset expenses and stimulate the economy.
This latest disbursement comes on the heels of a major cost-of-living adjustment (COLA) to Social Security benefits starting in January. While welcomed, many felt the 5.9% COLA was insufficient to match actual inflation. The new $4873 payments will further supplement regular Social Security checks.
Eligibility for the special payments depends on income limits and other requirements. The Social Security Administration will automatically distribute the money to those who qualify. With budgets stretched thin for many households, the April payments aim to provide urgent financial relief.
The requirements, explained: how to know if you´re eligible to receive the April payment
To be eligible for the new $4,873 payment in April, you must meet certain criteria related to retirement age and work credits.
Retirement Age
For retirement benefits, you must be at least age 62 to start receiving Social Security payments. However, your benefit amount will be reduced if you start collecting before your full retirement age, which is typically age 66 or 67 depending on your birth year.
To receive the full $4,873 monthly payment, you’ll need to be at full retirement age, which is age 67 for anyone born in 1960 or later. If you start collecting benefits earlier, your monthly amount will be permanently reduced.
Work Credits
In addition to reaching full retirement age, you must have earned enough work credits to qualify for Social Security benefits. You can earn up to 4 credits per year based on your income, so most people need about 10 years of work (40 credits) to become eligible.
If you don’t have enough work credits by age 67 to qualify for the new $4,873 payment, you may need to delay retirement or find additional work to boost your earnings history.
Payment amount and schedule: the details you must not forget
The new $4,873 payment in April is part of a one-time boost to Social Security benefits announced recently. This additional payment amounts to the average monthly Social Security benefit, which is currently $1,681, multiplied by 3. That comes out to $4,843, which has been rounded up to $4,873 for administrative purposes.
The payment will be sent out in April 2024. The exact dates when the payment will be distributed depend on the recipient’s birth date:
- If your birth date is on the 1st – 10th of the month, the payment will be sent on April 10.
- If your birth date is on the 11th – 20th, the payment will be sent on April 15.
- If your birth date is on the 21st – 31st, the payment will be sent on April 20.
The payment will be automatically deposited into bank accounts through direct deposit for SSDI and SSI recipients who have their benefits set up this way. Paper checks will be mailed to recipients who do not have direct deposit set up.
This new $4873 payment in April is designed to improve access to public assistance, especially for those just above the minimum threshold. It was one of the White House’s promises in early March, and now it seems to be coming true. In any case, it remains to be seen whether the number of recipients reaches 50% of those who have applied and does not happen as with SNAP in certain states.
