The average Social Security check or direct deposit is worth $1,918. That is the average payment for retirees as of June 2024. However, some seniors who qualify for retirement benefits can receive a lot more but also a lot less.
For example, if you filed for Social Security at 62, you can receive up to $2,710 in 2024. Undoubtedly, it looks like a great benefit payment amount, but you are getting a huge reduction for filing at 62.
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Maximum Social Security at Full Retirement Age
The largest benefit payment at Full Retirement Age (FRA) is $3,822. Bear in mind that FRA or normal retirement age is 66 years and 8 months old in 2024.This is the only age when you can receive 100% of your benefits.
Still, to receive the largest benefit at Full Retirement Age, you must meet all 3 requirements the Social Security Administration has set for recipients. Do not forget that you must have worked for 35 years in jobs covered by SSA.
That is, you have paid enough taxes as you worked. If you did not earn the taxable maximum for 35 years, you will not receive $3,822 at Full Retirement Age. If you meet these conditions and delay filing, you could get extra money per month.
Maximum Social Security at 70
If you can delay retirement until you are 70 years old, you could receive $4,873. This is the largest Social Security payment in 2024. The requirements are the same as for those who get $3,822 at FRA, but you must file at 70 instead.
Social Security could pay up to $4,873 in August on the following payment dates. The upcoming payment will be due on August 3, if you have been on benefits since before May 1997.
If not, you could receive money depending on your birthday on August 14, 21 and 28. Make sure you work for at least 35 years, file as late as possible and have a well-paid job to get more money from Social Security in retirement.