Not all Americans qualify Social security retirement payments. This money is only for those workers who meet the requirement to receive benefits from the administration.
Remember that it is mandatory to submit. Those who have paid enough Social security taxes but have never filed for benefits, they cannot receive payments. You need to work for at least 10 years.
You must have earned 40 work credits during those years. This is the minimum collection amount Social security payments. However, it would be best to work for 35 years and not get a reduction for working less years.
WHO CAN GET A $1,907 PAYMENT FROM SOCIAL SECURITY?
The administration confirmed that those who started receiving Social security prior to May 1997 will receive payment on January 3, 2024. If you receive the average payment, you will receive $1907. But there could be many other amounts.
The biggest Social Security Check the administration will pay will be 4873 dollars in 2024. However, to receive such a large payment, you must have filed at age 70 and must have earned the taxable maximum for 35 years.
Remember that the taxable maximum increases with each year of claims SSA. For example, it was $160,200 in 2023 and is $168,600 in 2024. This amount can be lower if you meet all the requirements except the filing age.
First-time filers at 62 can get up to $2,710 in 2024. If you prefer to file at full retirement age, you can get up to $3,822 in 2024. Fortunately, average payments have increased since the 32.% COLA increase. So, the previous average payment was $1,848, down $59.
3 MORE PAYMENTS IN JANUARY FROM SSA
The Social Security Administration will send 3 more checks after the January 3 check. However, the maximum amounts and average payments remain the same. So you can get paid up to $4,873 or an average payment worth $1,907.
Of course, those who worked fewer years and had lower wages may receive less money. Payment days will be January 10, 17 and 24. To be eligible, in addition to receiving benefits on or after May 1997, you must meet the date of birth condition.
Adults whose birthdays are 1 through 10 will receive theirs Social security payment on January 10. January 17th will be your payday if your date of birth is from 11-20.
Last chance to cash in some cash from Social security will be on January 24th. This may be the day you receive your money in your bank account if your date of birth is between the 21st and 31st.