By Samuel Gonzalez
Jun 25, 2024, 1:39 PM EDT
Time moves quickly and we go from a few days to a single day. This Wednesday, million Social Security beneficiaries will receive the last June paymentin which some will receive $2,710, $3,822 or $4,873 dollars.
As surprising as it is to learn that Not all older adults qualify for a Social Security payment, yes it is possible that it happens. It may not be so common, but it is true, there are those who do not receive the benefits. Likewise, few people can receive the maximum payments. Either circumstance, for better or worse, depends on four essential factors.
Regardless of the amounts, the first requirement you must meet to obtain any of the Social Security retirement payments is to generate income covered by the Social Security Administration (SSA). In a nutshell, You must pay Social Security taxes at your job in the United States.
Two other requirements that go hand in hand with the previous one are the working time and the amount of income earned. The SSA calculates your benefits based on how much money you earned over 35 years of work. The higher your income and the more taxes you pay, the more benefits you will acquire.. Be careful, because if during those 35 years of work, there were any in which you did not receive anything, they will be taken as $0 dollars of income and will be part of the calculation.
In addition, The Administration contemplates the 35 years with the highest income. For example, if you worked for 40 years, it will only take the 35 years with the highest earnings amount in your work history.
The age at which you apply for retirement benefits is another factor that determines the amount you could get. Only high-income seniors who apply at age 70 are eligible for a payment worth $4,873..
The average Social Security payment is $1,916 in 2024. So, Who can get $2,710, $3,822 or $4,873 dollars? These amounts are the maximum possible for people claiming at 62, full retirement age (FRA), between 66 and 67, and at 70, respectively.
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