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...
    Dolphin Financial Radio is a fun and informative podcast on retirement planning issues. This is not financial advice. Please seek professional guidance before implementing these ideas or strategies:
    www.dolphinfinancialgroup.com
    Investment advisory services offered through Dolphin Wealth Management Inc., a Registered Investment Advisor in the state of Florida. Insurance products and services are offered through Dolphin Insurance Inc., Dolphin Wealth Management Inc, and Dolphin Insurance Inc. are affiliated companies doing business as Dolphin Financial Group.
    For more information on this podcast:
    www.dolphinfinancialgroup.com...

КОМЕНТАРІ • 44

  • @thejeffneville
    @thejeffneville 6 місяців тому +10

    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.

  • @laurice8056
    @laurice8056 9 днів тому +1

    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.🔥

  • @laurice8056
    @laurice8056 9 днів тому +2

    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.😖

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  8 днів тому +1

      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

  • @heidijenkins8983
    @heidijenkins8983 2 місяці тому +2

    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.

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  2 місяці тому

      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.

  • @elizabethlibero1878
    @elizabethlibero1878 Місяць тому +1

    The amount you get is dependent on how much you earned and what age you start your benefits.

  • @michaelscallan5721
    @michaelscallan5721 Місяць тому +2

    Remember, the gov't will take out "income tax"

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  Місяць тому

      Is Social Security taxed twice? ua-cam.com/video/5Ln1chXhTkw/v-deo.htmlsi=JK0Ps6we9EnAsnmd

  • @bhinbayoucity5691
    @bhinbayoucity5691 6 місяців тому +4

    Whatever the maximum is, its never enough! Lol.

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  6 місяців тому +2

      This concept is beautifully covered here: ua-cam.com/video/6jZVsr7q-tE/v-deo.htmlsi=-rlj_uhwMr4TGRDX

    • @Savannah-ed4rv
      @Savannah-ed4rv 6 місяців тому

      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!

  • @patskeel8482
    @patskeel8482 2 місяці тому

    even if they are collecting SSI?

  • @user-kk9qg5ny2w
    @user-kk9qg5ny2w 21 годину тому

    We don’t leave back then

  • @barneyfyfe8313
    @barneyfyfe8313 5 місяців тому +1

    Does the online estimator at the gov't social security site include COLA increases? I'm delaying benefits until 2025 when I reach 70.

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  5 місяців тому +1

      COLA increases are added to SSA statements and calculations as they are implemented. Are you referencing the Quick Calculator? www.ssa.gov/OACT/quickcalc/

    • @barneyfyfe8313
      @barneyfyfe8313 5 місяців тому

      @@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!!!

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  5 місяців тому +1

      @@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.

  • @libertatem_aut_mori_conatur
    @libertatem_aut_mori_conatur 4 місяці тому

    they say they cant find a budget for the ssa well i see the problem

  • @user-hb4ik1er2d
    @user-hb4ik1er2d 28 днів тому +1

    You can bet your but they worked their but off to get that!

  • @spookietowne7932
    @spookietowne7932 7 днів тому

    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

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  7 днів тому

      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.

    • @spookietowne7932
      @spookietowne7932 7 днів тому

      @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!

  • @pequodexpress
    @pequodexpress День тому +1

    Are there any investments a working retired person can make to bring earnings down to $22,320 or below?

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  23 години тому +1

      It seems like you are referencing the Earnings Limit on Social Security? ua-cam.com/video/S1rwtuFw2xo/v-deo.html

  • @libertyninja9158
    @libertyninja9158 6 місяців тому +2

    what is the minimum thats what I get im 72 now

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  6 місяців тому +1

      The minimum in 2023 is $50.90 per month. www.ssa.gov/oact/progdata/tableForm.html

    • @mariecameau097
      @mariecameau097 4 місяці тому

      From $5/$35/ monthly some people get more depend on ur SS

  • @susanmills4344
    @susanmills4344 День тому

    Will I get the max I'm 70 I changing over from survivor to my retirement

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  День тому

      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.

  • @pattyrainwater5095
    @pattyrainwater5095 6 місяців тому +2

    It is called Legal Corruption

  • @frankb1
    @frankb1 6 місяців тому +1

    In 2023, the max at age 70 was $4555. In 2024 it's $4873? That's a 6% increase, not a 3%.

    • @Dolphinfinancialgroupfl
      @Dolphinfinancialgroupfl  6 місяців тому +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.

  • @paulgregersen3570
    @paulgregersen3570 4 місяці тому

    Is this true

  • @kimberlybennett8382
    @kimberlybennett8382 6 місяців тому

    incorrect u only not even 3rd you paid into , its theft]

  • @rhondachristensen8619
    @rhondachristensen8619 14 днів тому

    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..

  • @davidrowles3344
    @davidrowles3344 4 місяці тому +1

    I want 4873 I need the money now sent it to me now

  • @geraldellis7409
    @geraldellis7409 4 місяці тому

    Will everyone get a stimulus check in McKinney Texas from Chase.bank in McKinney Texas