70-year-olds are the Americans who may opt for the highest Social Security checks. There is a simple reason why these seniors can receive more money than others when they receive retirement payments.
Social Security reduces your check if you file early. So, filing at the age of 62 is possible, but your monthly payment will be smaller. On the contrary, if you file at the age of 70, you get perks.
The Administration will give you 8% extra per year if you delay retirement. For example, if your Full Retirement Age is 67, you can get 24% if you apply for Social Security at the age of 70.
HOW MUCH CAN 70-YEAR-OLDS RECEIVE FROM SOCIAL SECURITY IN 2024?
According to the Administration, the largest retirement check for 70-year-olds is worth $4,873. This is the new amount after the 2024 COLA increase. It was exactly $4,555 in 2023. But how can a 70-year-old achieve it?
In order to get $4,873, seniors aged 70 must meet 4 key requirements. The first one is to pay payroll taxes to Social Security as you work. Some jobs in the United States and U.S. territories do not pay any taxes to the Administration.
For example, if you have a town or state government position, you are not paying taxes to SSA. Secondly, you must have worked for a minimum number of years.
To get retirement benefits you must have at least 10 years of work. That is the minimum number of years you need to get 40 work credits. But this is not enough to get a large Social Security check.
WORK FOR AT LEAST 35 YEARS TO GET A LARGE RETIREMENT CHECK
Those workers who have paid payroll taxes for 35 years will get more money. Therefore, all those workers who worked fewer than 35 years, will get a reduction in their monthly payments.
Social Security will only use the top 35 years with the highest earnings. So, if you worked for 40 years, SSA will only use the best 35 years. The last thing you must achieve is the most challenging one.
As a matter of fact, you can only get the largest check if you have been a really high earner. Hence, getting the taxable maximum for 35 years is mandatory to get $4,873.
Summing up, those who paid taxes to SSA, earned the taxable maximum for 35 years, and filed at the age of 70 will get $4,873 in 2024. Even if this may not be possible for many seniors, it could be helpful. Delaying retirement and getting better-paid jobs may be feasible.
