Thanks to the COLA United States Social Security recipients who have a monthly check will be able to have more money starting in January 2024. This is not as big an increase as the current year 2023 but an increase is always an increase and any retired American gets it with open arms.
The cap on the Social Security check for next year 2024 will go up a bit, as usual, so Americans will be able to enjoy a payment of almost $5,000 starting in January, which is an all-time high. Even though the COLA increase was a mere 3.2%, beneficiaries could reach some very large numbers by next year.
This does not mean that all retirees will get a maximum check in the coming months. Each check is totally different, so one retiree might be close to $5,000, but another might be nowhere near that amount, but far from it. It all depends on how much each retiree currently has.
HOW CAN I REACH THE ALMOST $5,000 IN SOCIAL SECURITY IN 2024?
In order to reach the check of almost $5,000 in Social Security in 2024, you only need to meet one requirement. That requirement is none other than having earned the maximum retirement check. This figure is achieved by maximizing all aspects. Therefore, if we have not previously maximized our check we will not be able to reach the maximum figure.
The maximum payment for age-based retirees in 2023 is $4,555. If we add to that check the 3.2% COLA for 2024 we will get about $4,700. This will mean that check will almost reach $5,000, a very large and very important figure for retirees.
Likewise, every other check will also increase by 3.2%. Regardless of the figure we currently collect, the check will increase that percentage starting in 2024. To find out the exact dollar number we will just have to add 3.2% to the check we currently collect. For every $1,000 in 2023, we will get $32 more in 2024.
TIPS FOR MAXIMIZING YOUR RETIREMENT CHECK
The Social Security retirement check depends on three different elements. On the one hand, we have the retirement age. On the other hand, we have the years worked and, finally, we have the salary during those years worked. If we maximize those three aspects we will be able to maximize the retirement check.
The ideal goal in this case will be to achieve a high salary for 35 years. If we add to this applying for retirement at age 70 we will find ourselves with a check that can reach $4,700 in 2024.
In the case of not applying for retirement at age 70 it will be impossible to reach the maximum check. Even so, remember that each Social Security payment is totally different, so we will collect the benefit depending on our work history.
In addition to retirement payments, there are other checks that can help the American economy. On the one hand we have the SNAP food Stamps and on the other hand the Supplemental Security Income. If we have access to these checks, it is advisable to apply for them in order to have more money every month.