Retirement benefits in the United States have a maximum check to which we can aspire when we apply for Social Security. While it is true that this maximum check is not for all beneficiaries, it is also true that we can get close to it if we plan our retirement well.
Once you apply for your monthly Social Security check, it is not possible to get a larger benefit. It is possible to apply for another extra benefit, such as Supplemental Security Income, but the retirement check payment will not increase any further unless the COLA for the particular year causes the numbers to go up.
What is the maximum check for the May 2024 Social Security FRA?
The maximum payments for this Social Security benefit in May 2024 may be $3,822. However, this is the maximum benefit payment, which means that not all Americans can have such a check.
Likewise, in the case of not applying for Full Retirement Age the figure will not reach this much. Having the benefit from the age of 62, the minimum age to apply for retirement, means losing 30% of the money we have contributed as workers. So it is better to wait a little longer to qualify for a higher check and enjoy the golden years to the fullest.
How to get a large Social Security check?
In order to get the biggest possible check from Social Security we must take into account three elements. First, apply for retirement as late as possible. At age 70 is ideal, since we could get a payment of up to $4,873 under these conditions.
The second element to take into account is the years worked. If we work 35 years we will have the best options to obtain this check. The payment depends on the 35 years worked with the highest salary. Any year not worked below that figure will imply adding 0 dollars to the average of our monthly check.
The third and last element to take into account is the salary as a worker during those years. The higher the salary, the better the monthly benefit. This is as simple as that, since when we have a high salary we pay more taxes and at the end of the day Social Security depends on the taxes we have paid during our working years.