The Social Security Administration (SSA) will soon start making some changes to the amounts of benefits. Although it is possible to calculate the new amounts if you already have a retirement benefit, there are new maximum amounts too.
For your information, there will be an increase this year. Generally, there is an increase because inflation goes up. However, Social Security payments could remain the same if there is no inflation.
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Retirees who are 67 years old may be eager to know their new maximum amounts in 2024. It is essential to plan your finances beforehand, so knowing the approximate amounts will help you make ends meet. Social Security revealed the new 2024 COLA boost and these are the figures.
67-YEAR-OLDS WILL RECEIVE A 3.2% INCREASE FROM SOCIAL SECURITY
The thing is the Social Security Administration sends different amounts to every worker. Therefore, there can be as many different amounts as retirees because not all of them have worked the same number of years or had the same earnings.
Let us give a few examples to see some possible amounts depending on your earnings. After that, you will see the new maximum amounts and the average payments.
For example, if you earn $1,000 as a retiree, you will get $1,032. Those whose payment from Social Security is just $500 will receive 516 dollars. The smaller your payment, the smaller the increase seems, and the other way around.
Social Security can also pay higher amounts. For instance, if you earn $2,000, your new check in 2024 will be $2,064. Even some seniors who are 67 years old can get $3,000 or even more. In their case, their new payment will be $3,096.
JANUARY AMOUNTS FOR 67-YEAR-OLDS
The new maximum amount for a retiree who is 67 years old will be $3,822, up from $3,627. However, very few retirees can obtain such a large Social Security payment . This is because they must have earned the taxable maximum for 35 years and retire at Full Retirement Age.
The taxable maximum is quite a lot of money and SSA keeps increasing it every year. For example, if you earn the taxable maximum in 2023, you earn $160,200. It will soon be $168,600 in 2024.
Apart from the maximum amount at Full Retirement Age, seniors can get up to $4,555 in 2023 or $4,873 in 2024. The thing is you must retire at 70 to get that amount apart from having earned the taxable maximum for 35 years.
One last piece of information is the average payment for all retirees. Social Security expects the average retirement payment to be $1,907 in 2024, so it will be 59 dollars higher than now.