Almost 9 out of 10 Americans who are 65 years old or older were receiving a Social Security benefit as of December 31, 2023. Do not forget that these benefits represent about 30% of these seniors’ income.
What is more, about 42% of women and 37% of men aged 65 or older receive at least 50% of their income from the Social Security Administration. So, it is becoming more important as time goes by.
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Not surprisingly, among those aged 65 years old or older, 15% of women and 12% of men rely on Social Security benefits because it represents 90% of their earnings.
WHAT IS THE MAXIMUM SOCIAL SECURITY RETIREMENT BENEFIT?
According to the Social Security Administration, as of January 1, 2024, the largest retirement benefit is worth $4,873. Going up from $4,555 in 2023. But this is the largest benefit for those who file at the age of 70.
If you meet the same requirements but you file at Full Retirement Age, you can get up to $3,822. Or up to $2,710 if you apply for retirment benefits at the age of 62.
So, you can delay retirement to get a 24% reward and not get a 30% reduction at 62. The average check is worth about $1,909 for retirees in the United States.
RETIREMENT CHECKS ELIGIBILITY
Getting the largest Social Security retirement benefit is not easy at all. Of course, they must have earned the taxable maximum for 35 years. If you have not worked for 35 years, you are not eligible either. Social Security reduces your benefits if you have worked fewer than 35 years.
Obviously, you must have paid enough payroll taxes. Otherwise, you may not even get retirement checks from the Administration. Working for at least 10 years and having 40 work credits is essential to get a monthly payment.
However, if you have just worked for 10 years, your retirement check will be too low. If your Social Security is too low, you can always apply for the Federal programs known as Supplemental Security Income (SSI) and the Supplemental Nutrition Assistance Program (SNAP).