Seniors are about to get a new monthly payment. Therefore, if you qualify for retirement benefits, the Social Security Administration is going to start a new delivery of checks.
Apart from receiving money from this Social Security payment, it is due one day before the usual payday. Hence, millions of seniors will get their cash to start buying the things they need or pay any debt or loan they may have.
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The thing is not everyone qualifies for the same amount of money. Bear in mind there are several factors that could determine the amount of your payment. For example, if you retire at the age of 70, you will receive a lot more than if you file for Social Security at the age of 62.
$4,873 PAYMENT ELIGIBILITY
The Social Security Administration has recently announced that the maximum benefit amount in retirement is $4,873. This amount is only possible if you file at the age of 70 and meet three more requirements.
The second requirement you must meet is that you paid enough payroll taxes. Thus, if your job was not covered by Social Security, you cannot get Social Security retirement payments.
Thirdly, you must have worked for a minimum number of years. Actually, it is at least 35 years. For your information, you may qualify for retirement benefits if you just work for ten years, but your payment will be too low.
Before you learn about the fourth requirement, let’s sum up. Remember that you must pay taxes to the Administration as you work for 35 years and file at the age of 70.
HIGH EARNERS MAY BE ELIGIBLE
The Social Security Administration states that you can only get $4,873 if you have earned the taxable maximum for 35 years. So, only few workers can achieve this goal.
If you are new to Social Security topics, the taxable maximum is the contribution and benefit base. That is the maximum amount of taxes a worker can pay every year they work.
This taxable maximum increases as inflation does. For example, it was $160,200 in 2023 and it is $168,600 in 2024. If you earned all that money in 2023, then you may have also earned the taxable maximum for 35 years.
Bear in mind that the payment worth $4,873 is due on February 2. Apart from meeting the previous requirements, you must have filed for Social Security before May 1997. If you get SSI and Social Security you may also get a payment on February 2, but then your payment amount will be smaller and never $4,873.