Social Security, retirement and the right age for retirement

USA Diario
Social Security, retirement and the right age for retirementPhoto byUSA Diario

In the United States, workers can retire at age 62 and begin receiving state-provided benefits at that age.

In this regard, every month the Social Security Administration (SSA) sends money to its retired workers. However, the SSA recommends waiting until full retirement age to receive full payments.

Similarly, it is even possible to delay claiming checks until age 70 in order to receive more money. To give you an idea, people born after 1960 should wait until age 67. This would be the full retirement age at which full benefits would begin.

How much money would beneficiaries receive at this age (67)?

First of all, it should be clarified that the amount that a worker receives at retirement depends on the earnings he/she earned during his/her working life. Although they are also based on the age at which the beneficiary begins to receive his or her earnings.

Although they can receive retirement benefits as early as age 62, these are reduced if they are taken before full retirement age. Conversely, if the worker chooses to wait, then they will receive more money.

According to the SSA the average payments for retirees enrolled in the Social Security Program increased to approximately $1827.00 USD in 2023. This is primarily due to the 8.7% increase in the Cost of Living Adjustment (COLA).

Therefore, the maximum Social Security benefit for someone retiring at full retirement age (age 67) is $3627.00 USD per month.

In fact, if a person retires at age 62 in 2023, his or her maximum benefit would be around $2572.00 USD. On the other hand, if he/she waits until age 70, the amount increases to $4555.00 USD per month.

In addition, the SSA calculates payments for its beneficiaries on an individual basis. It does this based on the primary insurance amount and not by adding the COLA to the actual benefit.

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.

Comments / 1

Published by

USA Diario is a news media created in California with the objective of covering every area of news that is of interest to Spanish speakers in the United States.

California State

More from USA Diario

Comments / 0