Not all Americans qualify for the same amount of money in retirement. Some do not even receive Social Security payments because they have worked in jobs not covered by SSA and get a pension instead.
If you are still working, you should know that the average payment is worth about $1,910 in retirement. Social Security can pay up to $4,873 in 2024. However, this is only if you have earned the taxable maximum for 35 years and filed at 70. Here is an important thing.
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EASIEST WAY TO GET $150 EXTRA FROM SOCIAL SECURITY
If you qualified for the average payment worth $1,910 at Full Retirement Age, you could delay retirement to get more money. The Administration will reward those who file later in retirement until they are 70.
As a matter of fact, workers can increase their benefits by 8% in just one year. So, 8% of $1,910 is $152.80 in just one year. All you have to do is delay retirement as much as you can to get $150 or even more money.
Some workers may get less than 150 dollars because they have not earned much money as a worker or they have not paid enough taxes to Social Security. If you aim high, you will live a quieter retirement.
WHO CAN GET $2,163 EXTRA FOR FILING LATE FOR SOCIAL SECURITY BENEFITS?
Well, this huge amount of money is only for a small percentage of American workers. The Administration can pay a check or direct deposit of up to $4,873. But only if you meet 4 essential conditions.
If you have earned the taxable maximum for 35 years, filed at 62, and had jobs covered by Social Security, your payment will be worth $2,710. It could be $2,163 higher if you filed at the age of 70. Therefore, here is a lesson to learn. Even if you can not expect to get $4,873, you can get more in retirement. The main tips are:
- work for 35 years.
- earn as much money as possible (ideally the taxable maximum).
- delay retirement as much as you can.
- have jobs that pay payroll taxes to Social Security.