How much money could I get in retirement in 2024 if I'm eligible for Social Security payments?

retirement is something you have to plan ahead of time. However, there are many workers who are 50 years old and they haven't done much about it yet. If you neglect your savings, investments and planning, you will regret it.

No one expected such high inflation in 2022 and 2023. As a result, many Americans in retirement have difficulty making ends meet. That's why you need to know when is the best time to retire and if you can really afford it.

Early retirement at 62 sounds great but assumes you get a 30% discount. On the contrary, if you file at age 70, you can get 24% extra per month from Social Security.

HOW MUCH CAN I RECEIVE IN SOCIAL SECURITY WHEN I RETIRE IN 2024?

There is no fixed amount of money for all retirees in 2024. However, there are both maximum amounts and averages payments. The maximum amount a retiree can receive in 2024 is up to $4,873.

Single filers may receive less money than married couples when they file for Social Security retirement benefits

To get such a large payment from Social security you must meet 4 conditions. First, you must pay taxes to the SSA while you are working. Second, you must have worked for 35 years.

This is the number of years the SSA uses to calculate yours retirement benefits. The good thing is that Social Security only uses the highest earning years. So if you have worked for 40 years, the SSA will only take the best.

Third, you must file at age 70. Otherwise, you won't get up to $4,873. The last thing is earning the taxable maximum for 35 years. Note that it is $168,600 in 2024, so very few can reach it.

PENSIONERS AND AVERAGE PAYMENTS IN 2024

The Social Security Administration updates average payments each month. As of December 2023, the average payment is $1,848. After the 2024 COLA increase, payments are higher.

FYI, everyone retirement Benefits have increased by an average of about $59. That means retirees get about $1,907 in 2024. Admittedly, it's more realistic than the maximum amounts.

The truth is that many workers are paid less retirement benefit. That's why they need to apply for Supplemental Security Income to get the extra money. Others must also submit applications for SNAP benefits (food stamps).

If you want to know more accurate retirement benefit amount, get your annual Social Security return. There you will find more information about the possible amounts at different ages and many other useful things.

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