Not all Americans qualify for Social Security payments in retirement. This money is only for those workers who meet the requirement to receive benefits from the Administration.
Remember that it is mandatory to file. Those who have paid enough Social Security tax but have never filed for benefits cannot get payments. It is necessary to work for at least 10 years.
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In those years, you must have earned 40 work credits. That is the minimum amount to collect Social Security payments. However, it would be best to work for 35 years and get no reduction for working fewer years.
WHO CAN RECEIVE A PAYMENT OF $1,907 FROM SOCIAL SECURITY?
The Administration has confirmed that those who started receiving Social Security before May 1997 will receive a payment on January 3, 2024. If you get an average payment, you will receive $1,907. But there can be many other amounts.
The largest Social Security check the Administration will pay will be $4,873 in 2024. However, to receive such a large payment you must have filed at 70 and must have earned the taxable maximum for 35 years.
Do not forget that the taxable maximum increases every year claims SSA. For example, it was $160,200 in 2023 and it is $168,600 in 2024. This amount could be lower if you meet all the requirements but the age to file.
Early filers at 62 could get up to $2,710 in 2024. If you prefer to file at Full Retirement Age, you could get up to $3,822 in 2024. Luckily, average payments have increased after the COLA boost by 32.%. So, the former average payment was $1,848, 59 dollars lower.
3 MORE PAYMENTS LEFT IN JANUARY FROM SSA
The Social Security Administration will send 3 more checks after the January 3 check. Maximum amounts and average payments remain the same though. So you can collect a payment of up to $4,873 or an average payment worth $1,907.
Of course, those who worked fewer years and had lower salaries may receive less money. The paydays will be on January 10, 17 and 24. In order to be eligible, apart from receiving benefits after or from May 1997, you must meet the birth date condition.
Those seniors whose birthdays are from the 1st to the 10th will receive their Social Security payment on January 10. January 17 will be your payday if your birth date is from 11-20.
The last chance to cash some money from Social Security will be on January 24. This could be the day you receive your money in your bank account if your birth date is from the 21st to the 31st.