Unlocking the $4,873 Social Security Check: Key Requirements for 2024
According to Vibes.okdiario, Many Americans unknowingly leave money on the table when they file for Social Security retirement benefits. By not maximizing their potential, they forfeit a significant amount of money.
If you want to secure the highest possible Social Security benefit—potentially up to $4,873—here are some essential tips to help you get the most out of your retirement benefits.
How to Achieve a Maximum Benefit of $4,873
To qualify for the maximum Social Security payment, the Social Security Administration (SSA) requires that workers have earned the contribution and benefit base (taxable maximum) for 35 years. Here’s a list of the latest taxable maximums over the years:
- 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
Also read: “Get Ready for SNAP Payments: Food Stamps Worth Up to $1,756 Start October 4!”
It’s important to note that few workers can consistently earn at or near these taxable maximums for 35 years. Not only does this require a high salary, but you must also work in jobs covered by the SSA.
The Right Age to File for Maximum Benefits
In addition to earning the taxable maximum for 35 years, you need to file for benefits at age 70 to achieve the maximum payout. If you file before turning 70, you’ll miss out on Social Security’s delayed retirement credits, which can increase your benefits by about 8 percent for each year you delay after your Full Retirement Age (FRA).
For instance, if you meet all requirements but file at your FRA, you could receive up to $3,822—significantly less than the maximum. Filing at the earliest age of 62 could reduce your benefits to approximately $2,710.
Strategies to Maximize Your Social Security Payment
To maximize your Social Security payment, adhere to these simple rules:
- Delay Your Filing: File for benefits as late as possible to take advantage of delayed retirement credits.
- Ensure High Earnings: Work in well-paying jobs that are covered by the SSA to meet the taxable maximum for 35 years.
- Work for 35 Years: Make sure to maintain consistent employment for at least 35 years.
