Social Security retirement payments are not for all Americans. They are only for those who have worked and paid enough taxes. Some jobs may have pensions but they may not offer the possibility to get retirement checks.
Besides, there are 3 things that could boost or reduce your Social Security payments. What affects your payment amount is the age you file, your wage as a worker, and the number of years worked.
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Maximum Social Security retirement benefit amounts for 62 and 66-year-olds
Even if many 62-year-olds just receive about $1,298 on average, they can receive up to $2,710 per month in 2024. Early retirement at 62 can have lots of advantages but it reduces your payment by up to 30%.
Another possibility is to delay filing until you reach Full Retirement Age. That is when retirees can get 100 percent of their benefits. If you were born in 1960, your Full Retirement Age is 67.
In 2024, to reach Full Retirement Age you must be 66 and 8 months. The maximum Social Security benefit at Full Retirement Age is $3,822. These eligible retirees can get up to $1,112 more than those who do not wait and file at 62.
Maximum Social Security retirement benefit amounts for 70-year-olds
If you decide to continue working until you turn 70, you will receive extra money from Social Security. In fact, you could receive about 24% extra per month. Thus, it would be advisable to file at 70 if you want to get more money and can cope with the work load.
The maximum Social Security benefit at 70 is worth $4,873. To achieve it you must have worked for at least thirty-five years and earned the contribution and benefit base for all those years.
Needless to say you must have also filed at 70 and had jobs covered by the SSA. To find out the possible payment amount in retirement, check your SSA Statement now. It is free and online on your my Social Security account.