The maximum benefit in retirement is worth $4,873 according to Social Security. However, to get this money you must file at the age of 70 in 2024. Apart from this. there are 3 more requirements.
For example, you must pay taxes to SSA for the work you do too. Otherwise, you will not receive any Social Security benefits at all. Moreover, you must have worked for at least thirty-five years to get $4,873.
Another important and essential feature has to do with your earnings. If you are not or have not been a high earner, you will not be entitled to the largest Social Security retirement benefits.
HOW MUCH MUST I EARN TO GET $4,873 IN (FEBRUARY) 2024?
To get the largest Social Security benefit in February, you must have earned the taxable maximum for 35 years. The taxable maximum is also known as the contribution and benefit base.
Bear in mind that the taxable maximum tends to increase over time. As inflation goes up, the taxable maximum increases. Therefore, you must also have a higher salary every year.
Social Security set the taxable maximum at $168,600 in 2024. For your information, it was about $160,200 in 2023. So, it grows even more than retirement benefits do.
PAYDAYS AND OTHER SOCIAL SECURITY AMOUNTS
If you do not qualify for the largest retirement benefit, you could get an average payment worth $1,909. Some workers may qualify for lower payments though.
This is more than likely if you have worked for just ten years. This allows you to get a payment, but your checks will be too low. To get a check on February 21 you must have your birthday from days 11-20. (Only if you got benefits after May 1997)
February 28 will be the fourth retirement payday this month. You may qualify for this Social Security benefit if your birthday is from 21-31. Of course, if you filed and did not get benefits before May 1997.
