How To Maximize Social Security Benefits: Know Payment Schedule of $4,873/month & More

The Social Security Administration (SSA) can offer eligible retirees in the U.S. up to $4,873 a month. To reach this top amount, it’s important to understand and follow some key steps.

In this guide, we’ll walk you through how to get the most out of your Social Security benefits when you retire.

Payment Schedule

If you’re already getting benefits, your next payments of up to $4,873 will be sent out on August 14, 21, and 28. Make sure you’ve filed for and been approved for Social Security benefits to get these payments.

Eligibility Criteria

Not everyone can get Social Security retirement benefits, even though many people think otherwise. To qualify, you need to have worked in jobs that were covered by the Social Security Administration (SSA) and paid payroll taxes.

For those curious about the $100 SNAP Food Stamp increase coming in August 2024, it’s important to check if you meet the eligibility criteria and know the payment schedule. If you’ve worked in jobs that weren’t covered by the SSA, you won’t qualify for these benefits.

Steps to Maximize Benefits

Step 1: Delay Retirement Until Age 70

To get the most out of your Social Security benefits, it’s a smart move to wait until you’re 70 to start claiming them. If you start at 62, you could see your benefits drop to about $2,710 a month.

Even if you wait until your Full Retirement Age (FRA)—which is 66 or 67, depending on when you were born—you’ll max out at around $3,822 a month.

However, if you hold off until you’re 70, you can hit the top benefit of $4,873 a month. This higher amount is because you earn extra credits for each year you delay your claim past your FRA, up to age 70.

Step 2: Work for 35 Years

The Social Security Administration (SSA) figures out your retirement benefits based on your top 35 earning years. If you’ve worked less than 35 years, the missing years are treated as if you earned nothing during those times. This can seriously reduce your benefit amount.

For instance, if you’ve worked for just 30 years, it means there are five years where your earnings are counted as zero. This lowers your average earnings and, as a result, your benefits.

Step 3: Earn the Taxable Maximum

To get the full benefit from Social Security, you need to earn at least the maximum taxable amount for 35 years.

The taxable maximum, or the amount of earnings that are taxed for Social Security, is adjusted each year for inflation. In 2024, this amount is $168,600. To qualify for the highest benefit, you would need to earn this amount or more for 35 years. Consistently reaching this income level can be tough, as it demands a high and steady income throughout your career.

Key Factors for High Benefits

Delaying Your Retirement

Waiting to retire can lead to higher monthly benefits thanks to delayed retirement credits.

Long Work History

Working for at least 35 years ensures that all your top-earning years are included in your benefit calculations.

High Earnings

Consistently earning the maximum taxable amount helps you get the most out of your benefit calculations.

To secure the highest Social Security benefit of $4,873 per month, you need a bit of strategy and steady earnings over your career.

By postponing your retirement until age 70, working for a minimum of 35 years, and hitting the maximum taxable earnings each year, you can greatly enhance your retirement benefits. Following these steps will help you achieve a more comfortable and financially secure retirement.

FAQs

When should I file for Social Security to get the maximum benefit?

At age 70.

How many years of work are needed to maximize Social Security benefits?

At least 35 years.

What is the taxable maximum for Social Security in 2024?

$168,600.


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