The Social Security Administration has announced the new amounts for all the benefits in 2024. Thanks to the Cost of Living Adjustment, retirees will be able to get a 3.2% more.
Thus, if you get an average payment worth $1,848, you will receive almost 60 dollars extra every month in 2024. The new Social Security average payment will be about $1,907.
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If you become 62 years old in 2024, you can start receiving monthly payments from the Administration. However, you should reflect on it. The main reason why you should not file for Social Security retirement benefits at 62 is because you will get a reduction. Wait until you reach Full Retirement Age to get 100%.
Who qualifies for a Social Security payment worth $4,873?
The Administration can pay as much as $4,555 in 2023. The new amount after the cost of living adjustment will be $4,873. Remember that you can only get it if you file at the age of 70 and meet two additional requirements.
It is believed that Social Security benefits are for all Americans. However, you must have worked for ten years first. If you have not earned at least 40 work credits you cannot claim them. But this number of years is not enough to get $4,873.
As a matter of fact, you will have to work for a minimum of 35 years not to get a reduction. That is why it is so important to know all the rules to get retirement benefits.
If you have worked for just 34 years and you do not meet the other two requirements, your payment shrinks. Despite having made such a big effort, you will eventually receive less money every month.
Necessary earnings to get a payment worth $4,873 in 2024
The thing is that the largest Social Security benefit will only be for really high earners. This could be disappointing but it could also help you increase your future retirement benefits.
The Administration will require retirees to file at 70, have worked for 35 years, and earn the taxable maximum all those years. If you do not meet all the requirements, you cannot receive the largest payment in 2024.
Bear in mind that even if you do not have earnings of $160,200 in 2023 (the current taxable maximum), you can always look for well-paid jobs. Sometimes you continue working in the same job because you earn enough money.
But the thing is you must get promoted or change to a well-paid job to get more money from Social Security in retirement. For your information, delaying retirement until you are 70 can give you up to 24% extra per month. Be wise and make the most of your future monthly check while you can. Do not regret it later.