Social Security announced that the maximum retirement benefit is worth $4,873 after the COLA increase. However, to get this large check you must meet 4 essential requirements.
The first requirement is to have filed at the age of 70. Many Americans prefer to apply for Social Security checks at the age of 62. So, they get a reduction and do not take advantage of the 24% boost after the Full Retirement Age.
Secondly, you must have worked in jobs covered by the Administration. Those workers who have not paid enough taxes do not qualify for any retirement checks.
HAVE YOU WORKED FOR THE REQUIRED NUMBER OF YEARS?
If you have worked in jobs covered by SSA and you filed at 70, the requirements are not over yet. To get the largest check in 2024 on February 14 you must have worked for at least 35 years.
Social Security uses only 35 years to work out your payment amount. So, if you worked for 45 years, SSA will only use 35 of them. In fact, SSA will only take into account the ones you had the highest earnings.
This brings up the next condition. To qualify for a check worth $4,873 you must have been a high earner. Those Americans who have not received a high salary, do not qualify.
HOW MUCH MUST I HAVE EARNED TO GET A CHECK WORTH $4,873?
In order to receive $4,873 on February 14, a worker must have earned the taxable maximum for 35 years. The taxable maximum is the contribution and benefit base.
This amount increases every year due to inflation. It was $160,200 in 2023 and it has become 168,600 in 2024. Therefore, if you have not earned the annual taxable maximum for 35 years you are not eligible.
To get this check on February 14, your birthday must fall from 1-10. Besides, you cannot have received benefits before May 1997. Average payments are worth $1,909 so expect a smaller amount if your salary was low.
