Social Security retirement checks in the United States have a maximum of $4,873 in this year 2024. However, it is not possible for all beneficiaries to reach this maximum because it is a check with an unreachable amount for most citizens. However, if we know how to get close, we will be able to get a payment that is not as high, but similar.
The key in these cases are three fundamental aspects. From these three aspects we will configure what is the monthly amount of the checks. And the retirement age is one of the fundamental aspects to be able to determine if our monthly benefit is higher or not. In this sense, there is a minimum age and a maximum age to apply for the check.
The minimum age is 62 and the maximum age is 70. It is not that we cannot claim Social Security after the age of 70, but it is true that we will not receive an additional benefit. Knowing this, we can start thinking about whether we want to retire as soon as we reach the minimum age, or whether we can wait. I’m sure you’ll be surprised at the huge difference between claiming a check at one age or another.
Maximum Social Security Check by Age in 2024
There are three basic points in a United States citizen’s age to claim Social Security. The minimum age is 62, the maximum age is 70, but the full retirement age is 67. So we can have retirement in mind at any of these three ages. However, we can choose any age after 62.
But the truth is, if we wait until 67, we will get a much more interesting check. Similarly, waiting until age 70 means that the payment can reach a huge number in most cases.
These are the common retirement ages and the maximum checks Social Security will give out in 2024:
- Retire at age 62 (early retirement age): $2,710.
- Retire at age 67 (full retirement age): $3,822.
- Retirement at age 70 (Late Retirement Age): $4,873.
It is easy to see that retiring at age 70 and maximizing all elements of retirement will result in more than twice as much money as retiring at age 62. Each beneficiary chooses his or her ideal retirement age, but waiting a little longer can be very beneficial.
What is the best age to retire?
The exact age depends on the individual American. If we have money saved and a pension plan, retiring at 62 may be a good idea. However, if we don’t have that planned, we should wait until at least 67 or as close to that age as possible.
If we claim Social Security at age 62, we will lose 30% of the money we have contributed. To get 100%, we have to wait until age 67, so it is always a good idea to wait a little longer. The closer we get to age 67, the smaller the percentage we lose.
Also, waiting until age 70 may be the best option, but it is impossible for some. If we think our health is not the best and we would prefer to stop working and start collecting Social Security, we should not wait until age 70, but claim as soon as possible.