Millions of Americans receive their monthly payment today from Social Security. These retirement checks can be worth up to $4,873. However, not all beneficiaries qualify for the same amount.
This is because Social Security checks your previous work, earnings, and filing age. What is more, the Administration will make sure that you have worked in jobs covered by SSA.
The thing is if you are on benefits from May 1997 onward. And you have your birthday from the 21st to the 31st of any month, you will receive a check on February 28, 2024.
REQUIREMENTS TO GET $4,873 ON FEB. 28
The key requirement is the fact that you must have filed at the age of 70. Therefore, if you have filed from 62 to 69, you will not be eligible for a Social Security payment worth $4,873.
Early retirement means getting 30% less. That happens when workers file at 62. The second requirement you must meet has to do with the number of years you must have worked.
Even if you just need 10 years of work at 62 to get a low Social Security check, you will need a lot more. In fact, only workers who have worked for 35 years can opt for the largest benefits.
SOCIAL SECURITY CHECK ON FEB. 28 & THE TAXABLE MAXIMUM
Summing up, filing at the age of 70 and working in jobs covered by Social Security for 35 years is mandatory to get $4,873. Then, what is the last requirement to qualify for such a fantastic payment on February 28?
As a matter of fact, you will need to have earned the taxable maximum for 35 years. Otherwise, you will not be able to receive the largest benefit in 2024.
So, do not forget to have earned the taxable maximum for 35 years in jobs covered by SSA and to file at 70. Obviously, earning the taxable maximum is the most challenging one. But you could do the rest to increase your monthly payments.