The Social Security Administration (SSA) will increase the maximum amount of retirement benefits in 2024. Thankfully, the Administration uses the Cost of Living Adjustment to increase benefits if there is inflation.
In this way, beneficiaries can maintain their purchasing power. The thing is the Social Security increase may not be as high as seniors in retirement expected. Do not forget that prices are still too high even if inflation is not as high as in 2023.
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Anyway, there is not much retirees can do about it and Social Security will boost their monthly payments by 3.2%. As a matter of fact, it will be about 59 dollars extra per month if you receive an average payment. Those getting the largest payment in 2024 will benefit from a bigger check.
WHO QUALIFIES FOR A SOCIAL SECURITY PAYMENT WORTH $4,822 IN 2024?
Only a small group of seniors can receive the largest payment by the Administration in 2024. The first requirement is that they file at the age of 70 next year. But this will not be enough.
Apart from delaying retirement, you must have worked for at least 35 years. This may not be difficult for most American workers. Even if you started to work later than usual you can make it possible.
Social Security will also require beneficiaries to earn the taxable maximum for a minimum of 35 years. Do not forget that the taxable maximum changes every year. In 2023, the taxable maximum reached $160,200 and it will be $168,600 in 2024.
Therefore, it gets more difficult as the years go by. Summing up, people who file for Social Security at 70 and have earned the taxable maximum for 35 years can receive such a large payment.
WHEN CAN RECEIVE BENEFICIARIES $4,822 IN 2024?
The Social Security Administration has set 4 paydays for those on retirement benefits. The first payment will arrive on January 3, but only if you filed for benefits before May 1997.
If not, you may cash your money on January 10 if your birthday is from the 1st to the 10th. Another payment will reach recipient’s accounts on January 17 if their birthdays are from the 11th to the 20th.
Those whose birthday is later in the month can collect a payment on January 24, 2024. Do not forget that even if you do not qualify for the largest Social Security payment, you can still make your check larger.
Delay retirement until you are 70 if you are in good shape and healthy. That will make your check grow by 24%. Getting all that extra money per month will be awesome. What is more, wait to file until you have worked for 35 years. Last but not least, look for better-paid jobs to get a higher check in the future.