The Social Security Administration administers retirement, disability, survivors, spousal, and SSI payments. Those who are on retirement benefits usually receive the largest payments.
This is because retirees have had more time to work and paid more taxes to the Administration. The higher your wages, the higher your benefits will be in the future.
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What is more, it is of vital importance that you have worked for at least 35 years so that Social Security does not reduce your check. If you have been a really high earner, you may be interested in knowing some good news. Even if you have not been a high earner, there is also good news for you.
Who may soon receive $300 extra from Social Security and why?
The reason why some retirees will get up to 300 dollars is the 2024 COLA increase. Social Security has released the new figure and it will be a 3.2% boost, which is 5.5% lower than in 2023.
Most seniors will get a nearly 60-dollar increase if they are on an average Social Security payment worth $1,841. So, thanks to the 2024 COLA they may get approximately $1,900 on average.
However, if you are collecting the largest Social Security in 2024, there is a massive boost. The largest check at the age of 70 is $4,555 in 2023. If you qualify for the new maximum Social Security payment in 2024 you may get up to $4,873.
Therefore, there is a difference between the largest payment in 2023 and 2024 of about 318 dollars. So, this 2024 COLA will bring more than 300 dollars extra for some eligible seniors.
Who could qualify for the largest Social Security check in 2024?
Those who can claim the largest check from the Administration must have worked and paid taxes to SSA for at least 35 years. Moreover, they must have been high earners and received the taxable maximum for 35 years too.
Early retirement will not allow you to qualify for $4,873. Therefore, the only possibility to cash all that money if you meet the other two requirements is to retire at 70.
Remember that the Social Security Administration will give you an 8% reward for each year you delay retirement after Full Retirement Age. so, if you are 67 and spend three more years working, you will take advantage of a 24% reward extra per month.
As you can see, even if the 3.2% increase is the same for everyone, the higher your check amount, the more dollars you get. SSI recipients will just get 29 dollars extra.
The new amounts for singles, couples, and essential persons are $943, $1,415, and $472 respectively. That is why it is of vital importance to promote and pay more taxes to SSA. Do not put it off and look for better-paid jobs.