2024 Max Social Security Income & Other Changes. How to get $4,873 per month from Social Security.
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- Опубліковано 28 тра 2024
- The highest monthly Social Security check in 2024 will be $4,873. How does one qualify to get that much? In this show we'll explain how and also discuss some other important changes to the numbers around Social Security that take effect in 2024.
www.ssa.gov/news/press/factsh...
www.ssa.gov/oact/cola/example...
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I think one of the main reasons people sign up to collect at 62 is that no one has a crystal ball - so we don't know how long we'll live... really good video.
Called US senators & congress men
In Washington d.c.
Chicago is also known as the Second City. Not because of a comparison to any other city. But because it was rebuilt after the Great Chicago Fire almost completely destroyed it on October 8, 1871.🔥
Every time there’s a cost of living increase in Social Security benefits, the taxes and Medicaid premiums increase too! It’s like trying to fill up a bucket that has a hole in it with water.😖
We did a show on having a leak in your income bucket like that. It's been a few years and might be time for a refresh! ua-cam.com/video/m4wB5DWYFew/v-deo.htmlsi=Rr7qLV9iiqXGjkPF
Thank You for all the info you share! Is there a way to figure out what my survivors benefit would be would be, if I would take it at age 60? My husband died 18 years ago when we were in our early 40's.
You're welcome. To find out what your survivor benefits are, you have to contact the SSA. They'll want information about you and your deceased spouse in order to tell you what you are entitled to. Let us know how that conversation goes.
The amount you get is dependent on how much you earned and what age you start your benefits.
Remember, the gov't will take out "income tax"
Is Social Security taxed twice? ua-cam.com/video/5Ln1chXhTkw/v-deo.htmlsi=JK0Ps6we9EnAsnmd
Whatever the maximum is, its never enough! Lol.
This concept is beautifully covered here: ua-cam.com/video/6jZVsr7q-tE/v-deo.htmlsi=-rlj_uhwMr4TGRDX
For sure! I read somewhere several years ago on Facebook that if we had taken the same amount and invested it in a conservative investment we would all have at least a hundred thousand per year or more!
even if they are collecting SSI?
We don’t leave back then
Does the online estimator at the gov't social security site include COLA increases? I'm delaying benefits until 2025 when I reach 70.
COLA increases are added to SSA statements and calculations as they are implemented. Are you referencing the Quick Calculator? www.ssa.gov/OACT/quickcalc/
@@Dolphinfinancialgroupfl Thanks for your reply!
No. I'm talking about the estimator you're directed to when you log in at the government social security site. It tells me how much I can expect if I begin collecting now but also gives you a prediction of your monthly benefit if you wait until 70 yrs (2025). I'm not collecting yet and was trying to get a close guesstimate of what to expect. FWIW they have me at ~$4100 at age 70. That's why I was wondering what I could expect with cola figured in. Thanks again!!!
@@barneyfyfe8313 We take your FRA number and add an estimated COLA in our software to get a reasonable estimate for future payments. Contact us if you want us to run a SS Maximization Report.
they say they cant find a budget for the ssa well i see the problem
You can bet your but they worked their but off to get that!
why did the maximum social security benefit increase from $4555 in 2023 to $4873 for 2024? Because the COLA increase for 2024 is 3.2%. But, the max benefit incresed 7%. Can someone explain this in simple terms? Thanks
The max for a 71 year old includes a COLA from age 70 - the 3.2% you mention. The max for a NEW 70 year old is based on the maxed out 35 year work history and the delayed retirement credits of 8% per year. Two different formulas.
@Dolphinfinancialgroupfl so to take this answer a step further for me, my situation is that I'm currently 66+ years old & I'm hoping to delay taking my benefits until 70. My work history is 47 years. Out of my best 35 years I surpassed the maximum earnings 26 times. The other 9 years I came close to it. My max benefit at any age was always about $60 less than the max allowable. But this year I'm seeing that delaying til 70 still shows that same $60 less than the $4,700 max and I'm wondering why it's not showing $60 less than the $4873 max? Thanks for helping!
Are there any investments a working retired person can make to bring earnings down to $22,320 or below?
It seems like you are referencing the Earnings Limit on Social Security? ua-cam.com/video/S1rwtuFw2xo/v-deo.html
what is the minimum thats what I get im 72 now
The minimum in 2023 is $50.90 per month. www.ssa.gov/oact/progdata/tableForm.html
From $5/$35/ monthly some people get more depend on ur SS
Will I get the max I'm 70 I changing over from survivor to my retirement
It seems like you'll max out your own benefit, but as for getting the max allowed, that depends on your 35 year work history.
It is called Legal Corruption
In 2023, the max at age 70 was $4555. In 2024 it's $4873? That's a 6% increase, not a 3%.
The max for a 71 year old includes a COLA from age 70. The max for a new 70 year old is based on the 35 year work history and the delayed retirement credits of 8% per year. Two different formulas.
Is this true
www.ssa.gov/news/press/factsheets/colafacts2024.pdf
incorrect u only not even 3rd you paid into , its theft]
Don't forget, a woman can work 4 jobs as a single parent, social security will show her a Earnings Chart, next to a Man; showing HOW she made " peanuts ", next to a Man...Thanks...Women, " Staring Down the Barrel " of NEVER GETTING A DECENT WAGE; NOR A DECENT INCOME..
I want 4873 I need the money now sent it to me now
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