The SSDI payment is just for American workers who have a qualifying disability and have earned enough Social Security or work credits. The maximum payment amount could be up to $3,822. However, that is unlikely for millions of recipients in the United States. Bear in mind that the average payment is just $1,537.
Since SSI is the Supplemental Security Income, it is just a benefit to give financial support to those citizens with the lowest incomes and resources. Hence, it cannot be the largest benefit payment in the USA. For your information, the maximum amount is just $943 for a single person and $1,415 for eligible married couples.Then, which is the largest benefit in the USA?
Social Security’s largest payment in 2024
The largest benefit payment in the United States is the one for retirement. Retirees are the Americans who may qualify for a check worth up to $4,873 if they meet all the requirements. Do not forget that to get it you must have paid enough payroll taxes and meet 3 other conditions.
For example, you must have applied for Social Security retirement benefits at the age of 70. What is more, you cannot receive such a large payment unless you have earned the contribution and benefit base for 35 years.
If you do not know what the contribution and benefit base is, people commonly know it as the taxable maximum. That is the amount of earnings when you stop paying Social Security taxes. In 2024, it is 168,600.
How to apply for the largest Social Security benefit
Keep in mind that to file for retirement benefits you need to wait until you are at least 62. However, this will mean you are saying goodbye to the reward for delaying retirement until you are 70.
In general, those who apply for Social Security at the age of 70 can get 24% extra. While if they file at 62, they will get a reduction of about 30%. Even if you meet all the requirements to get up to $4,873, you must file.
Social Security allows American workers to apply for retirement benefits online. Besides, you can apply up to 4 months in advance to avoid delays and start collecting payments of up to $4,873 the day you look forward to. Visit https://www.ssa.gov/apply