The Social Security Administration can pay $4,873 in 2024. That is the maximum retirement benefit amount for Americans if eligible. However, that is only possible if you meet several conditions.
One of them is the age you file for retirement benefits. Seniors can only receive a Social Security payment worth $4,873 if they file at 70 and meet the rest of the requirements. So, that will mean having to work a little longer than most Americans. Still, it would be convenient because you will have more time to save money, and will keep you active.
WORK FOR 35 YEARS AND PAY TAXES TO SOCIAL SECURITY
Working for a minimum of 35 years is essential to get up to $4,873. Not doing so reduces your payment. If you have a job that is not covered by Social Security, you will not receive retirement benefits. That is why it is important to earn enough work credits. They will allow you to receive money in retirement.
In fact, you will need at least 10 years of work to get 40 Social Security or work credits. This is the minimum number of work credits you will need to get retirement benefits. Make sure your employer is paying the right amount of taxes.
This could also affect the amount of your future retirement benefits in the USA. So far you should know that you must file at 70, pay taxes to Social Security and work for 35 years or more.
SOCIAL SECURITY AND THE TAXABLE MAXIMUM
The higher your salary is, the more money you will get from Social Security in retirement. That is why it is necessary to earn the taxable maximum for 35 years. In this way, you will qualify for the largest benefits in the United States.
For your information, the taxable maximum is a great deal of money. That is why only a small percentage of Americans can receive so much money from the Administration in 2024.
In 2023, the taxable maximum was $160,200 and it has become $168,600 in 2024. If you have earned the changing amount for 35 years, filed at 70 and have jobs covered by SSA you can get $4,873 in 2024.