Social Security updates retirement benefits every year. In this way, the Administration can help retirees maintain their buying power. Although some Americans believe that retirement benefits are for everyone, this is not true.
Actually, you must have earned at least 40 work credits to qualify for Social Security. It takes one year to get 4 work credits and one is worth $1,730 of earnings in 2024.
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Depending on the number of years of coverage, you may have a larger or smaller Social Security check. As of December 2023, these are the new Primary Insurance Amounts for 2024.
SPECIAL MINIMUM BENEFITS IN 2024
For example, if you have 11 years of coverage, the special minimum benefit is $50.90. The maximum family benefit is $77.80. Hence, it is not possible to get the full special minimum PIA unless you have worked for 30 years in jobs covered by SSA.
Workers that have 20 years of coverage may qualify for a special minimum benefit worth $531.90. If you have a family, the maximum for you will be $799 with 20 years of coverage.
Those Social Security beneficiaries who have 25 years of coverage can get a special minimum benefit worth $799. Families can get $1,200 in that situation in 2024.
Workers who have worked for 30 years and paid Social Security taxes may qualify for a special minimum benefit worth $1,066.50 or $1,601.70 for families. The aim of this special minimum benefit is to help low-income workers boost their benefit amount. In contrast, these are the largest Social Security checks in 2024:
LARGEST SOCIAL SECURITY CHECKS IN 2024
Americans who have worked longer and have been high earners may qualify for the largest Social Security payments in 2024. The maximum amount of money a single person can receive from the Administration is $4,873 in 2024.
However, it is only possible to get $4,873 in 2024 if you file at the age of 70 and have earned the taxable maximum for 35 years. Those who have not worked for at least 35 years do not qualify for this maximum Social Security amount.
Here lays the importance of delaying retirement. It can provide you with a check worth 24% more per month. Early retirement at 62 can mean getting about 30% less.
The largest check at 62 is $2,710 while the largest one for those who file at Full Retirement Age is $3,822 in 2024. It is up to you when you file for Social Security, but check if you can afford it or not before you regret it. Medical expenses and inflation can drain your savings.