Every single year inflation goes up, the Social Security Administration increases benefits and maximum amounts. Despite the fact that SSA has revealed the new payment amounts, beneficiaries cannot take advantage of this monthly rise.
Thanks to the 2024 Cost of Living Adjustment, there will be a 3.2% increase. The thing is, the smaller your Social Security check is, the smaller the boost will seem.
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For example, if you get Supplemental Security Income’s maximum amount, you will get 29 dollars more per month. In 2023, the SSI maximum amount is $914, so it will be $943 in 2024.
What is the largest Social Security check at Full Retirement Age in 2024?
The October 12 COLA fact sheet revealed that the new maximum amount at Full Retirement Age will be $3,822 in 2024. In 2023, the largest check at normal retirement age is $3,627.
Therefore, there is a massive difference between this year’s amount and the next one’s. In fact, a Social Security beneficiary who qualifies can get $195 more in 2024.
This is quite a lot of money and very few workers can be eligible for this large payment. In order to achieve it, you must have earned the taxable maximum for 35 years and retired at Full Retirement Age.
Bear in mind that the Full Retirement Age is not the same for all Americans. It will depend on the year when you were born. For example, if you were born in 1960, your normal retirement age is 67.
Why is it important to file for Social Security at Full Retirement Age?
This is the only age you can receive 100 percent of your Social Security retirement benefits. Thus, it is of vital importance that you try not to file for benefits at the age of 62.
Are you interested in receiving @SocialSecurity spousal benefits? A calculator is available to help you understand the effect of this choice on your #retirement.
Find out if you qualify and estimate the amount you could receive. ? https://t.co/rrVTjijR0u pic.twitter.com/pbuHhiUPFH
— USAGov (@USAGov) November 5, 2023
Even if this is the earliest age to file for retirement benefits, it does not mean you must file then. The more you delay it, the higher your payment will be. This is particularly important because inflation can leave you on a shoestring budget.
Keep in mind that retirement at 70 is even better since you have worked for three more years, Social Security will give you more money. As a matter of fact, you can get 24% extra per month.
Make sure you download your Social Security statement and see the possible amounts for retirement before you file. Use the different tools SSA has to calculate estimates of your retirement benefits too.