Filing at the age of 70 has plenty of advantages. From a financial point of view, it would be ideal since you can get 24% extra from the Social Security Administration.
What is more, some American workers will be able to enjoy a check worth $4,873 in 2024. To get it, you must have filed and met all the requirements the Administration set.
Those who file at 70 in 2024 can get $4,873 if they have earned the taxable maximum for 35 years and had jobs covered by Social Security. Then, all you need to know is your next payday.
PAYMENT DATES FOR CHECKS OF UP TO $4,873
March has only one payment left on March 27. However, there will soon be new checks and direct deposits in April. To get money on March 27 your birth date must be from 21-31.
Those citizens on retirement benefits before May 1997 will have their next payday on April 3, 2024. Those on SSI and Social Security receive SSI on April 1 and retirement on April 3, 2024.
April 10 will be your next payday if you do not qualify for the April 3 payment and your birthday is from 1-10. If you are in a similar situation, but your birthday is from 11-20, your payment is due on April 17. April 24 is for those whose birth date is from 21-31.
AVERAGE SOCIAL SECURITY CHECKS
On average, Social Security checks are worth $1,910 as of February 2024. If you have not filed for retirement benefits yet and you are 62 years old, you should know this.
Early retirement means saying goodbye to 30% of your monthly payments. If you have a low income in retirement, inflation can be a real problem since prices keep going up year after year.
Delay retirement as much as you can. At full Retirement Age, you can get up to $3,822. If you file at the age of 62, your check will only be up to $2,710. If you compare both figures, you can tell the difference.
