At the beginning of each year, the Social Security Administration increases retirement payments for all beneficiaries in the United States. Therefore, each new year means having a new maximum amount. And thanks to being able to know this we can compare what the check is for this new month of May 2024 to May 2023.
This way we can know perfectly what the new maximum check is and, in the case of not having the retirement yet, try to get as close to that amount as possible. It is important to plan well for the monthly Social Security payment, since most retirees have no other extra income. However, it is also important to know at what time of the month each new payment arrives.
Maximum check for Social Security’s Early Retirement Age in May 2024
Each of the Social Security categories has a maximum check. Thus, retirees claiming their benefit at age 70 can get a check of up to $4,873, but Early Retirement Age beneficiaries cannot reach such a high figure.
If we take into account that to retire with the Early Retirement Age we need to be at least 62 years old, we can understand that the check cannot reach the same amount as if we retire at age 70. Thus, the maximum payment for this type of benefit is $2,710 per month.
However, applying for a Social Security check at this point in life does not mean having that amount. That payment is the maximum, just as $4,873 is the maximum payment upon retirement at age 70.
Everyone gets a different benefit based on their work history. So if you apply for retirement you should know that the final amount will depend directly on your salary and years worked. Remember that even though we can apply for a Social Security check at age 62, it may not be entirely convenient.
The later we apply for a check, the better, so you may want to consider waiting until age 67 or 70 to get the best possible retirement benefit. If we have a Social Security check that is too small, we can always apply for an extra check such as Supplemental Security Income or SNAP Food Stamps.