$4,873 payment: Requirements to get the best Social Security check in 2024
According to Vibes.okdiario, Many Americans file for Social Security retirement benefits without fully maximizing their potential, resulting in significant lost income. If you want to secure the highest Social Security payment possible, here are some essential tips to help you achieve that goal. Even if reaching the maximum of $4,873 seems challenging, following these guidelines can still lead to a more substantial benefit.
The Path to Earning $4,873 from Social Security
To qualify for the maximum Social Security benefit, the Social Security Administration (SSA) requires that you have earned the contribution and benefit base (taxable maximum) for 35 years. Below is the list of the latest taxable maximums for reference:
- 2015: $118,500
- 2016: $118,500
- 2017: $127,200
- 2018: $128,400
- 2019: $132,900
- 2020: $137,700
- 2021: $142,800
- 2022: $147,000
- 2023: $160,200
- 2024: $168,600
Achieving such a high salary for 35 years is uncommon, as it requires both significant earnings and jobs covered by the SSA. Without this coverage, you won’t be eligible for the maximum benefit.
Also Read: New SNAP benefit amounts: Food Stamp payments of up to $3,516 in 11 days
Filing Age and Its Impact on Benefits
In addition to meeting the earnings requirement, you must also file for benefits at age 70 to receive the maximum payment. If you file before age 70, you’ll miss out on delayed retirement credits, which can increase your benefits by approximately 8 percent per year after your Full Retirement Age (FRA).
For example, if you meet all the necessary qualifications but file at your FRA, your benefit could be only $3,822—a difference of $1,051 compared to filing at 70. Filing as early as age 62, which is the minimum age for Social Security benefits, could result in even lower payments, with a maximum of $2,710.
Simple Rules to Increase Your Social Security Payment
To maximize your Social Security benefit, follow these straightforward rules:
- Delay Your Filing: Aim to file for benefits as late as possible, ideally at age 70.
- Focus on High-Paying Jobs: Ensure that your employment history includes well-paying jobs that are covered by the SSA.
- Work for at Least 35 Years: Aim to accumulate 35 years of work history with taxable earnings at or above the contribution and benefit base.
