Check out the details about $4873 SSA, SSI and SSDI Checks July 2024: Are You Eligible for $4873 in July? from this article. Different information about $4873 SSA, SSI and SSDI Checks July 2024: Are You Eligible for $4873 in July? and other relevant information are included in this article.
$4873 SSA, SSI and SSDI Checks July 2024
If a person is retiring or planning to retire in July 2024, their monthly Social Security Benefits, such as SSA, SSI, and SSDI checks, can be as high as $4873. However, there are many factors behind the maximum monthly benefit amount of $4873.
These factors directly affect how much a retiree can get from the Social Security Benefit in July 2024. These factors include annual earnings, retirement age, worker’s indexed earnings, and other relevant factors.
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Are You Eligible for $4873 in July?
The monthly Social Security amount of $4873 is based on the AIME for 2024. An AIME is a really important factor that reflects both earnings history and the corresponding monthly benefit amounts. It is a key factor in determining how much a person can receive from Social Security benefits.
According to the Social Security Administration, the best retirement age at which people can get maximum Social Security benefits is 70 years. For a person retiring at the age of 70 years in 2024, and their AIME is $9,990, they can get $4873 per month as social security benefits.
Check the maximum monthly Social Security Benefits if a person retires at 70 years –
| Year | AIME | Monthly Benefits |
| 2020 | $8,864 | $4,561 |
| 2021 | $9,150 | $4,628 |
| 2022 | $9,446 | $4,705 |
| 2023 | $9,628 | $4,700 |
| 2024 | $9,990 | $4,873 |
The main factors revolving around the maximum social security benefits are retirement age, maximum taxable earnings, annual income, working years, AIME, etc.
Retiring at 67 in July 2024
A person having an AIME of $10,600 and retiring in July 2024 can get up to $3,911 per month in Social Security. Most people don’t retire at 70 years, as they have different situations from one another.
Depending on needs and personal circumstances, some people take retirement at an early age. Also, some people keep working even after retirement, while others do not.
For a person having an AIME of $13,100 and retiring at the age of 62 years in July 2024, they can get up to $2,710 per month in Social Security. Therefore, it is evident that the decision to retire at different ages and the amount of AIME could significantly impact the monthly Social Security payments.
How Social Security Benefits are Calculated?
Generally, the calculation of an individual’s Social Security amount is done by considering their AIME. It summarizes a maximum of 35 years of an individual’s indexed earnings.
SSA applies a set formula to the AIME in order to determine the PIA. The formula applied to the AIME not only calculates the PIA but also reflects the changes in general wage levels.
A maximum of 35 years of worker’s earnings is required to calculate AIME. The SSA first finds out how many years a person has worked and then identifies the years of the highest indexed earnings.
The amounts in the years having the highest indexed earnings are then added up and divided by the number of months in those years. After rounding up the result to the next lower dollar value, AIME is calculated.
After this, they determine PIA, which is the result of the sum of 3 different percentages of AIME portions. These percentages are fixed, but the amount in the formula changes each year. The changing amount in the formula is known as bend points.
The Social Security Benefits can be different from the actual PIA calculated by the SSA. This means that depending on the retirement age, the actual benefits can either be higher or lower than the PIA.
However, a person cannot retire before reaching 62 years of age. A person who retires after turning 62 (exactly) usually gets a 30% reduction in their benefits as compared to their PIA.
How do you get $4873 in July 2024?
People who retire at 70 years can receive delayed retirement credits. On the contrary, a person who takes an early retirement usually gets a reduction in monthly benefits by 5/9 of one percent till they turn “normal retirement age”.
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People usually earn delayed retirement credits after reaching the normal age of retirement. However, a person cannot receive further delayed retirement credits after 69 years.
People can check the authorized website of the Social Security Administration to learn more about the maximum benefits for each year, delayed retirement credits, AIME, the best age to retire, and other relevant things.
