What is the maximum Social Security benefit for someone aged 70 in 2024?
Americans who were born in 1954 will be turning 70 this year, becoming eligible to claim the maximum possible amount from Social Security. Here’s how much…
The Social Security Administration sends monthly payments to tens of millions of Americans with the largest group being those who claim Old-Age benefits. While workers can retire and start receiving benefits at age 62, the administration recommends that workers claim their payments at their full retirement age.
People born after 1960 must wait until they are 67 to reach full retirement age. Those claiming benefits before reaching full retirement age will see the maximum potential amount of their monthly benefit reduced. However, waiting until you turn 70 will see the maximum possible amount that you can receive increase.
You may also be interested in: The complete Social Security payment schedule for 2024
What is the maximum Social Security benefit for someone aged 70 in 2024?
Americans who were born in 1954 will be turning 70 this year, becoming eligible to claim the maximum potential amount from Social Security. Every year the Social Security Administration adjusts the amount that beneficiaries are sent on a monthly basis so that the benefits don’t lose purchasing power due to inflation.
In October, the agency announced the cost-of-living adjustment (COLA) for 2024. All beneficiaries will see their monthly payments increase by 3.2 percent. That means that those who wait until they turn 70 to start claiming Social Security benefits could be eligible to receive the maximum payment of $4,873 if they meet all the criteria.
For comparison, according to the SSA, the maximum Social Security benefit for someone who retires at full retirement age is $3,822 per month this year. However, if you retire in 2024 at age 62, your maximum benefit would be $2,710.
Who will receive up to $4,873 a month from Social Security in 2024?
The exact amount a beneficiary will receive depends on several factors, such as the number of years worked, the salary received and the amount of taxes paid to Social Security during that same work period. The age at which retirement benefits are requested is also one of the most important to consider because as seen the longer you postpone your retirement, the greater the benefit you will receive.
In order to receive the maximum amount when one begins to claim benefits at any age requires that the beneficiary have worked for a minimum period of 35 years. In which time that person paid the maximum payroll taxes to Social Security on the maximum taxable income during at least 35 years.
As with benefits, the administration uses the COLA to adjust the maximum taxable income which will be the first $168,600 in earnings subject to Social Security taxes in 2024.