Social Security Administration can send eligible retirees in the United States up to $4,873. The next payments of up to $4,873 will be due on August 14, 21 and 28. In order to get a check or direct deposit, regardless of the amount, you must have filed and got approval first.
Some Americans believe that everyone can get Social Security retirement benefits. As a matter of fact, it is just for those who have worked and paid payroll taxes. If you have jobs that are not covered by SSA, you cannot get retirement benefits.
2 Steps to get $4,873 from Social Security in 2024
First of all, make sure you delay retirement until you are 70 years old. For example, if you qualify for the largest benefit, but you file at the age of 62, you will only receive up to $2,710. Even if you apply for retirement benefits at Full Retirement Age, you could only get up to $3,822.
Those who manage to delay filing for Social Security until they are 70 need to take a couple of things into account. The number of years they pay taxes to Social Security as they work matters.
That is, you must work for a minimum of 35 years in jobs covered by the SSA. Not doing so will reduce your retirement benefits. For example, if you have just worked for 30 years, SSA will take into account 35 years to work out your payment amount. So, 5 years will count as $0 in earnings.
Key step to get a Social Security check worth $4,873
Although all the requirements are essential, this is probably the most important factor in getting up to $4,873 from the Administration. It has to do with the earnings you have as you work in jobs covered by SSA.
It is mandatory to earn the taxable maximum (contribution and benefit base) for 35 years as well. The taxable maximum changes every years the COLA increases benefits. So, it becomes more challenging as time goes by.
As of 2024, the taxable maximum is $168,600. Therefore, only a few American workers can claim $4,873 because they need to file at 70, and earn the taxable maximum for 35 years in jobs that pay enough Social Security taxes.