In 2024 everything is going to change in Social Security: how to get $4,873

Since the Social Security Administration keeps updating, you must also keep up with its pace to make the most of your future check

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Social Security and how to achieve a check worth $4,873

The new COLA has brought multiple changes to the Social Security Administration (SSA). The most important one for millions of Americans is the fact that they will get 3.2% extra per month.

So, if you are on Social Security retirement benefits and get the average check, you will get about $58 extra. As of September 2023, the average payment is $1,841, so in 2024 many may get about $1,899.

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However, this average payment is far from the largest check in both 2023 and 2024. In 2023, the largest SSA check is worth $4,555. Social Security has announced that the largest check will be $4,873. But how can I get that much?

Requirement number one to cash $4,873 from Social Security

Working is essential to get any sort of Social Security, retirement, or SSDI benefits. However, you must work for at least 35 years, perhaps more, to get more money and not get a reduction.

Senior woman and dollars to meet 4 requirements to cash up to $4,873 from Social Security
Meet 4 requirements to cash up to $4,873 from Social Security

So, once you know you must work for 35 years, do not forget to pay taxes to Social Security as you work. Not doing so will mean you will not succeed in collecting a large payment.

In third place, you must make sure you have a large salary. If you do not have large wages, you will not qualify for a check worth $4,873. Despite the fact that you do not become a high earner, try to increase your wage.

By doing so, you will get more money in retirement from Social Security. So, summing up you need to work for 35 years while you are a high earner and pay your payroll taxes. But the requirements are not over.

Which is the last requirement to get $4,873 from Social Security?

The last thing you will need to achieve is to work until you are 70 years old. That is three years after your Full Retirement Age at 67. Keep in mind that 67 is your Full Retirement age if you were born in the 1960s.

It used to be 65, but it has recently increased. So, do not file early for Social Security and delay it up to the age of 70. Do not file when you are older than 70 because your payments will not grow anymore.

Early retirement, for example, when you are 62 years old, is a great way to lose money. So, you’d better not file at 62 unless you have plenty of money. Not everyone can afford to retire at 62.

Late filers can benefit from the 24% extra payment. Each year after Full Retirement Age will give you about 8% more. Therefore, getting $4,873 will be a real challenge and very few can collect it.

Remember that by high earner it is meant to get $160,200 in 2023. Every year you should get the taxable maximum. In 2024, it will be $168,600, so it gets more complicated every year. To help you remember everything check the 4 conditions below:

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