The Administration will send monthly payments of $3,822 to retirees who meet all the requirements and file in 2024. Social Security checks and direct deposits can still be even higher for some workers.
Nobody said it was easy to achieve, however, it is possible for some American workers. The first thing to take into account has to do with your Full Retirement Age (FRA). So, do you know when you reach your FRA?
Social Security’s Full Retirement Age in 2024
As of 2024, the Full Retirement Age is 66 years and 8 months old. That is the age you can apply for retirement benefits and qualify for 100% of your benefits without reduction. Nevertheless, you will not get any extra money.
For your information, those who delay filing for Social Security until they are 70 can get up to $4,873. Filing at FRA means you can only get up to $3,822 so there is a considerable difference.
Those workers who have been born after 1960 or in that same year have their Full Retirement Age at 67. As you may have guessed, age 65 is no longer the Full Retirement Age and it has been increasing gradually.
Social Security check of up to $3,822 & eligibility
Apart from working until you reach Full Retirement Age in 2024, there are other essential conditions to qualify for a direct deposit worth $3,822 in the United States in 2024. Some of them will be easier to achieve than others.
For example, it is essential to work for a minimum of 35 years. Those who have not worked for so long, will get a reduction. This is important even if you cannot get the payment worth $3,822 because it helps you get more money. The other conditions are:
- Earn the taxable maximum (contribution and benefit base) for 35 years
- have jobs covered by SSA
- file for retirement benefits
- remain eligible to be able to collect Social Security payments (do not go to prison)