Even if you never manage to become a high earner there are some essential tips to increase your Social Security benefit payment in retirement. For example, you can continue working for at least 35 years.
If you do not succeed in working for 35 years, your Social Security retirement benefits will be reduced. Each year below 35 years of work means your earnings for that year are $0.
Steps to get $4,873 from Social Security in 2024
As you have already seen, it is essential to work for 35 years if you would like to qualify for the largest benefit payment in retirement. Apart from that, you must:
- file at the age of 70
- have jobs which pay payroll taxes to SSA (some jobs are not covered by the Administration)
- earn the taxable maximum for a minimum of 35 years
- do not break any SSA rules
So, if you are able to achieve all these goals, you could receive $4,873 from Social Security in 2024. Nevertheless, if you decide to apply for retirement benefits before turning 70, you will get a reduction.
Other Social Security payments, $2,710 & $3,822
If you do not want to carry on working until you are 70 years old, you could get 100% of your benefits at Full Retirement Age (FRA). However, a high earner may only be able to get up to $3,822 at FRA.
Early filing is a great option if what you want is more free time. Filing at 62 is possible but it implies you will only receive up to $2,710. Of course, you must meet al the previously mentioned requirements to get such a large Social Security check.
When it comes to payment dates, you could receive your large payments on September 18 or 25. These payments will be for those whose birthday is from the 1st to the 10th or from the 11th to the 20th respectively. Try to stick to these tips if you need a larger Social Security payment.