Which retirees will get the biggest Social Security increase of $318 in January 2024 in the US?

The Social Security Administration (SSA) continues to send out new COLA increases for 2024. Because there are 4 different payments in January, not all retirees receive their money on the same day of payment.

What's more, everyone Social Security Beneficiaries will receive 3.2% extra per month. This amounts to $50 extra per month for all recipients. Retirees will get an average of about $59 extra.

However, there is a group of pensioners who can collect $318 extra. This is the biggest yet Social security is growing. The thing is that it is only possible to get it if you meet three basic requirements.

WHO CAN RECEIVE AN EXTRA $318 PER MONTH STARTING JANUARY 24?

According to social security, if you qualify for the largest retirement benefit, you'll get the largest COLA increase in 2024. So, let's take a look at it.

The Social Security Administration increased benefits by 3.2%, payments will be larger thanks to the 2024 COLA increase.

FYI, the maximum pension benefit amount was $4,555 in 2023. If you qualify for the largest check in 2024, you will receive 4873 dollars. In fact, this increase is higher than the 3.2% increase for 2024.

Therefore, those who qualify for the largest Social Security Retirement Benefit in 2024 will receive $318 more than the maximum amount in 2023.

The thing is, only a few American workers can get that much money. It is not possible to fulfill all three requirements Social security set. So, let's explain them in detail to see if you qualify or not.

HOW TO GET $4,873 IN 2024 FROM SOCIAL SECURITY

If you want to know how to get 4873 dollars from the administration, you should know that late retirement can make you retire Benefits grow a lot. While early retirement means a reduction in value of 30%, the delay is not.

Late retirement implies receiving 24% more per month. Therefore, to receive $4,873, you must file at age 70, but only if you meet the other 2 conditions. The second condition is to work for a minimum number of years.

Even if you just have to work 10 years to qualify Social security, this will only give you a very small check. So, work for 35 years and file at age 70. Last but not least, you must have earned the taxable maximum ($160,200 in 2023) for 35 years.

This way you will get the biggest one Social security payment possible in 2024. As you can see, it may be possible to work for 35 years and file at 70. But being so highly profitable may not be so easy for all workers.

Related Articles

Back to top button