Inflation is something that all Americans need to be aware of. And that is that the prices of all purchases in the United States go up a little bit every year. And that means Social Security checks can fall a little behind what beneficiaries need.
For that reason, the COLA is one of the most useful tools for American retirement beneficiaries. The Social Security Administration increases retirement checks a little bit each year. And this is done through the COLA (Cost of living adjustment).
In this year 2024 we have seen a COLA of 3.2%. For that reason you’ve seen your check payment in the month of January go up a little bit, as well as in the month of February. This increase is once a year, so we may not get any more increase in the coming months.
But it is good to understand what is the maximum check we can get from Social Security after applying the COLA. While it is true that not all Americans can reach that check, knowing the figure can be very helpful.
Maximum Social Security check for 2024 after adding the COLA
The maximum payment depends on the type of retirement we have. We generally encounter three retirements at three different ages. On the one hand, retirees at age 62 have the Early Retirement Age. On the other hand, at age 67 is the Full Retirement Age. And at age 70 is the Late Retirement Age.
Waiting until age 70 is key to reaching the maximum Social Security amount. And that maximum amount in 2024 is $4,873. A really big number when you consider that it’s a monthly payment. If we have such a check we should have no financial problems.
On the other hand, in the chaos that we have a Disability benefit it is impossible to reach that amount. This is because the maximum check for this benefit coincides with Social Security at age 67. And the maximum at this age would be $3,822 in 2024.
How to increase retirement payments?
Social Security benefits depend on three elements. Those three elements interact with each other to shape the retirement check. Those elements are:
- Retirement age.
- Years worked.
- Salary during those years.
In order to have the biggest possible check we must maximize those three aspects. To do so, we will have to work for 35 years with a high salary. Likewise, we must also wait until we are 70 years old to apply for retirement. This is the only way to get the check of $4,873 in 2024.