The Social Security Administration (SSA) keeps sending the new COLA boosts for 2024. Since there are 4 different payments in January, not all retirees receive their money on the same payday.
What is more, all Social Security beneficiaries will receive 3.2% extra per month. That amounts to $50 extra per month for all recipients. Retirees will receive about 59 dollars extra on average.
However, there is a group of retirees who can collect $318 extra. This is by far the largest Social Security increase. The thing is it is only possible to get it if you meet three key requirements.
WHO CAN RECEIVE $318 EXTRA PER MONTH FROM JANUARY 24?
According to Social Security, if you qualify for the largest retirement benefit, you will receive the largest COLA boost in 2024. So, let’s have a look at it in detail.
For your information, the maximum retirement benefit amount was $4,555 in 2023. If you qualify for the largest check in 2024, you will receive $4,873. In fact, this increase is higher than the 3.2% boost for 2024.
Therefore, those who are eligible for the largest Social Security retirement benefit in 2024 will get $318 more than the maximum amount in 2023.
The thing is just a few American workers can receive such a great deal of money. It is not possible to meet the three requirements Social Security set. So, let’s explain them in detail to see if you qualify or not.
HOW TO GET $4,873 IN 2024 FROM SOCIAL SECURITY
If you would like to know how to get $4,873 from the Administration, you should know that late retirement can make your retirement benefits grow a lot. While early retirement means a reduction worth 30%, late isn’t.
Late retirement implies getting 24% more per month. Therefore, to get $4,873 you must file at the age of 70, but only if you meet the other 2 conditions. The second condition is to work for a minimum number of years.
Even if you just need to work for 10 years to qualify for Social Security, this will only give you a very small check. So, work for 35 years and file at the age of 70. Last but not least, you must have earned the taxable maximum ($160,200 in 2023) for 35 years.
In this way, you will receive the largest Social Security payment possible in 2024. As you can see, it may be possible to work for 35 years and to file at 70 too. But being such a really high earner may not be so simple for all workers.
