The Social Security Administration can pay up to $4,873 in 2024. That is currently the maximum retirmenet benefit amount 70-year-olds could get if they file in 2024.
However, not all American workers file for Social Security retirement benefits at the same age. The age you file for benefits can make a big difference, but it is not the only factor. Learn how to get the largest benefit possible below.
How can I make $4,873 in 2024 on Social Security?
To make up to $4,873, you must meet 4 conditions the Administration has set. First, you must have worked for at least thirty-five years. Not doing so reduces your monthly payment.
The larger your wages are, the better for getting the largest retirement benefits. That is why so few American workers can receive $4,873. It is only for those who earn the contribution and benefit base all those years (35).
Finally, you may have a large wage for 35 years, but your job may not be covered by Social Security. If that is your case, you may not get retirement benefits, but a pension.
When could I get Social Security payments of up to $4,873?
Once you apply for Social Security payments, there are 4 possibilities. If you neglect your retirement benefits, you may have a really low check or direct deposit.
If so, you may also get SSI at the same time. Therefore, you would get SSI on the first day of the month and Social Security on the third. If you do not qualify for SSI, there are only 3 paydays.
They will be on the second, third, or fourth Wednesday. If your birthday is from 1-10, payment on the second Wednesday. Those who were born from 11-20 can get it on the third Wednesday. The last retirement benefit payment will be on the fourth Wednesday. For example, there are payments on July 10, 17 and 24 in 2024.