For those who are also nearing the big retirement age, the social security benefits will be an important part of their income. People who have just entered into this year have come of age at 66 years and are eligible to draw a maximum of $4,018 per month.
They must meet specific criteria for eligibility. For all those who are interested in finding out whether they can get this important payment, which requirements they must meet, and what time of the year they can expect that amount, this article will be key in terms of retirement planning.
Eligibility for the $4,018 Social Security Check
66-year-olds can earn the $4,018 maximum Social Security benefit only if they meet a few very critical criteria. Primarily, this relates to when they would want to begin collecting their benefits. People must wait until they are 66, or Full Retirement Age for those born between 1943 and 1954, to collect the full benefit amount. If people delay their benefits until age 70, they can take even more money monthly.
Another important prerequisite is that they have contributed for at least 35 years into Social Security. They would have to have earned the maximum taxable income in those years, which varies with each year’s inflation. In 2024, $168,600 will be the taxable maximum.
Timing of the $4,018 Payment
The precise date when the Social Security check will be received by the beneficiary may vary with the birthdate. Generally, people born during the first half of the month tend to get paid within that second Wednesday, while those born later in the month might have to wait till the third or fourth Wednesday.
Conclusion
Planning for retirement can be sensitive, and how and when to file for Social Security benefits can make all the difference. Completing the required amount of work years, for instance, allows 66-year-olds to expect checks as large as $4,018 per month, a sure way to financially stable golden years.