Organizing retirement is key if we want to have a good golden years, especially for retirees in the United States. The United States Social Security system makes it possible to organize in advance the amount we will get each month in retirement.
Therefore, all retirees can get a new monthly check with a maximum and a minimum amount. Each beneficiary gets a different payment and it all depends on his or her own history. Americans who maximize their check will be able to reach a higher figure.
However, not all Americans can get a large check, as there is a minimum payment. But there is nothing to worry about, as retirees are eligible for a minimum amount that will make them able to collect enough money every month for their expenses.
Still, maximizing our benefit should always be the goal to follow. If we don’t do this, our Social Security check will be quite small and although it may seem sufficient we can sometimes run into financial problems.
MAXIMUM AND MINIMUM CHECKS FOR RETIREES IN 2024
As usual, the 2024 COLA will cause all Social Security checks to increase a bit. This brings retirees with a minimum check to a higher figure as well. However, for some, it may not be enough.
For the minimum check, Social Security will pay about $1,033 per month. For retirees with a maximum check the figure may reach $4,700 or so. The best part is that beneficiaries with a minimum check can apply for other, different benefits.
Still, each new retiree who applies for a check will have to check to see if they will get a higher or lower payment based on their work history. Also, it is not mandatory to retire in the year 2024, but it will depend on our personal situation.
HOW TO REACH THE MAXIMUM SOCIAL SECURITY?
In order to get the highest Social Security check what we must do is to check all the variants before applying for a check. There are 3 such options and all retirees can have full control over them.
If you want to maximize the monthly retirement payment you must take into account:
- Retirement age.
- Years worked.
- Your salary as a worker.
The ideal scenario is to apply for retirement at age 70 with 35 years worked and a high salary. This will give us a monthly payment of $4,700 or something similar. The minimum age to apply for retirement is 62, but it is not advisable to do so. Retirees who request monthly check at that age lose 30% of their Social Security payment.
But if you max out those three items or are close to them you can get a very large check. In the event we don’t get a payment that high we can always ask for other supplemental benefits like Supplemental Security Income or SNAP Food Stamps.