Social Security has just announced the average payment for all retired workers is $1,913. However, some retirees qualify for much lower payments. This is because they have not worked for many years or they have filed too early.
What is more, the amount of money a worker receives matters. The higher your salary, the more you contribute to Social Security. Therefore, if you earn the taxable maximum for 35 years and delay retirement, you can get the largest benefits in 2024.
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WHAT IS THE AVERAGE SOCIAL SECURITY BENEFIT AT 67?
Whether you have filed at 67 or you started collecting retirement benefits before 67, the average Social Security payment at this age is worth $1,883.50. This figure is as of December 2023, when SSA revealed it.
Since the average payment is currently worth $1,913 for all retired workers, there is not a big difference between them. The thing is some retirees collect a lot more.
The reason why they get more money is because they meet the 3 key requirements to collect the highest payments from the Social Security Administration in 2024.
SOCIAL SECURITY CAN PAY UP TO $3,822 AT 67 IN 2024
The Administration will send monthly payments of up to $3,822 to eligible 67-year-olds in 2024. The thing is you must have filed at 67 and met the rest of the conditions. Hence, it will be a challenge not everyone can achieve, but it will be worth trying. Having a larger nest egg can lead to a happy retirement.
For your information, $3,822 is also the maximum benefit for those who get SSDI payments. Apart from filing, you must have earned the taxable maximum for 35 years.
If you have jobs covered by Social Security for 35 years, you can then opt for the largest benefit at 67. Only those who manage to delay retirement until they are 70 can receive a 24% reward from SSA. In fact, they could receive a retirement benefit worth $4,873.