Receiving a lower or higher Social Security payment can be quite different. Especially if you have a low income and you do not have savings, investments, or other sources of income.
Although there is a maximum amount 70-year-olds can receive in 2024, most retirees may receive less money from the Administration. In fact, the average check is about $2,040 for retired workers at 70. It is less than half the amount the largest benefit is worth.
Maximum Social Security amount at 70 in August
The largest retirement benefit payment 70-year-olds can receive is $4,873, up from $4,555 in 2023. This maximum amount will not just be for the month of August, but also for the rest of the months in 2024.
Bear in mind that the average payment for all retired workers is $1,918. Therefore, those who qualify for $4,873 in 2024 get $2,955 more per month. In fact, it is a jaw-dropping amount.
This maximum benefit can be reduced if you file for Social Security before turning 70. For example, if you filed at Full Retirement Age, you could receive up to $3,822. Or $2,710 at 62. Payment dates will be August 2, 14, 21 and 28.
Who can claim a $4,873 Social Security check in August?
If you would like to receive $4,873 in 2024, you must have worked for 35 years. Besides, you must have had jobs that paid payroll taxes to Social Security. Of course, you must have filed at 70 and got approval first.
Even if you meet all the requirements, you must apply to enjoy these free monthly payments. The last condition to get $4,873 in Ausguts or after it, is to have earned the contribution and benefit base for a minimum of 35 years.
For your information, the contribution and benefit base is known as the taxable maximum. Basically, it is the limit to the amount of taxes you can pay as a worker in the United States. Even if you can not achieve this point, the other three will help you boost your benefits.
