If you are in your late 50s or 60s and are thinking about retirement benefits, you should take into account a few things. In the first place, you can only retire if you are already 62 years old.
Filing at 62 will prevent you from getting larger retirement benefits. So, it is not a good idea if you would like to receive a monthly payment of up to $4,873 in 2024. Besides, working for just ten years in jobs covered by SSA can only give you a small payment.
RETIREMENT CHECKS OF $4,873 – FIRST REQUIREMENT
As a retiree, the first condition to collect a monthly payment worth $4,873 is to delay retirement. As you already know, early filing reduces your payment. In fact, it can be 30% lower. So, make sure you can afford this reduction.
Therefore, the Social Security Administration will only allow you to get $4,873 if you file at 70 and meet 2 more requirements. By delaying retirement, you can benefit from a 24% reward.
Filing at Full Retirement Age can only give you a check worth $3,822. Delay retiring for just one year and SSA gives you 8% extra after FRA. Let’s move on to the 2 additional conditions you must achieve.
2 MORE REQUIREMENTS TO GET $4,873 IN RETIREMENT
The Social Security Administration will check that an applicant has worked for 35 years. Not achieving this will, once more, decrease the amount of your monthly payment as a retiree.
The last thing you must be successful in is becoming a high earner. The more money you earn, the more taxes you will pay to Social Security up to a limit. This will allow you to get more when you file.
In fact, only those who also earn the taxable maximum for 35 years can receive $4,873 in retirement. Payment dates will be on May 8, 15 and 22. It will depend on your birthday when your payment is due.
