Americans who file at 62, at Full Retirement Age, or at 70 can receive up to $2,710, $3,822, or $4,873 from Social Security in June 2024. However, you cannot get such large payments if you have an average wage.
High earners have more chances to be eligible for the largest Social Security payment in the USA in 2024. As a matter of fact, the Administration will pay close attention to 4 vital conditions you must comply with.
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WHO CAN RECEIVE THE LARGEST SOCIAL SECURITY CHECKS IN JUNE?
Those who file at the age of 70 will collect the largest Social Security payments in June 2024. Of course, some 70-year-olds may get small checks because they did not work for long or they did not pay much money on payroll taxes to SSA.
Besides, you will get more money from Social Security if you have worked for 35 years in jobs covered by SSA. Therefore, if you have not worked for at least 35 years, you will get a reduction.
Early filing can be another way to say goodbye to a great deal of money. It could mean a 30% reduction. That is why at 62 you can only get up to $2,710 and $3,822 at 66-67. While those who file at the age of 70 can receive 24% extra, about 8% per year more after Full Retirement Age. The last requirement is to earn the taxable maximum for 35 years.
SOCIAL SECURITY & PAYDAYS IN JUNE
Whether you get $2,710, $3,822 or $4,873 the payment dates are only 4. Social Security will send money on June 3 if you began collecting payments before May 1997. Those on SSI and retirement may also get it on June 3, but payments will be much lower.
If you do not qualify for the June 3 payment, Social Security has scheduled 3 paydays on June 12, 18, and 26. To get one of these payments the Administration checks birth dates, but not your month or year.
So, if your birthday is from 1-10, you will receive retirement benefits on June 12. June 18 will be your next payday if your birth date is from 11-20. The payment on June 26 will be for those whose birthday is from 21-31.