Can you imagine receiving a Social Security payment worth $4,873 in 2024? All this money may seem quite a lot, but it is possible to achieve if you have been a high earner for many years in the United States.
Some beneficiaries who have been on Social Security after April 1997 and have their birthdays from 21-31 will get a payment on March 27. The amounts will be different for each recipient.
So, you can only receive $4,873 if you meet all the strict requirements the Administration has set. Of course, you must have worked in jobs covered by SSA, or you cannot get these retirement benefits.
HOW CAN WORKERS GET $4,873 IN 2024?
To get $4,873 you must continue working until you turn 70 years old. Some workers cannot do so due to their poor health or for any other personal reason. For example, not finding a job.
Apart from working until you are 70 years old, you must have worked for 35 years in jobs covered by SSA. Working after Full Retirement Age can give you 24% extra per month.
Besides, you need to work for 35 years because it is the minimum number of years not to get a reduction of your retirement benefits. Social Security will count as $0 in earnings every year below 35.
WHAT OTHER AMOUNTS CAN SOCIAL SECURITY RECIPIENTS EXPECT?
After the 2024 COLA increase, beneficiaries can receive about $1,910 on average. However, if you filed for Social Security at 62 and just worked for 10 years, your check must be lower.
In this case, you may even qualify for Supplemental Security Income payments. People often know it as SSI. Spouses and children may also qualify for Social Security on the worker’s record.
Other maximum amounts in retirement on March 27 are $3,822 at Full Retirement Age or $2,710 if you filed at 62. Social Security will send all payments on time. If there are delays it may be due to your financial institution or bank.
