With each new year that begins, the Social Security Administration increases the retirement benefit for United States citizens. This is not true 100% of the time, but it is true that a COLA is usually applied, even if it is minimal.
In this year 2024 we have seen the COLA reach 3.2%, which means that citizens have seen an increase in their Social Security benefits, although it has not been too large of an increase. Compared to the previous year, which was near record high, this year’s seems like too small an increase.
But it is true that the maximum Social Security check can reach a very high figure. It is also true that most United States citizens do not reach the maximum check. Therefore, we are faced with a situation where it is not possible to increase the maximum benefit because it is a difficult task.
What is the maximum amount of Social Security in May 2024 that we can get?
The truth is that the maximum benefit that a United States retiree can get from Social Security in May 2024 is the same as the previous months. And it is that the COLA took effect as of January 2024. So we are looking at the annual check increase.
So your Social Security benefit will be the same as it was in April or January of this year. However, depending on the type of benefit, you will have a possible maximum payment:
- Disability Payments: maximum of $3,822 per month.
- Payment for retirement at age 70: Maximum of $4,873 per month.
- Payment for retirement at age 67: Maximum of $3,822 per month.
- Payment for retirement at age 62: Maximum of $2,710 per month.
These maximum payments do not indicate that all beneficiaries can access them. Each Social Security payment is unique and individual. So we must calculate what our payment is in 2024 from the payment we collected in the previous year 2023.
By simply adding 3.2% to what we were already earning then each month we will have the final amount. This is an easy way to find out what our monthly Social Security benefit is.