Any United States Social Security retirement beneficiary should be aware that every year there are changes in benefits. Although it is true that on very few occasions we may find that there are no changes in a new year, the truth is that it is more common for benefits to change. Thus, if a retiree has a check, he or she will get a different payment the following year.
Also, a retiree who has not yet started collecting a Social Security check should take a good look at both the terms and conditions and what the maximum check he or she can collect will be. Regardless of all this, the positive side will always be that almost any American can start collecting a monthly benefit and all he or she has to do is meet certain requirements.
On the other hand, the important part of all this is also to keep the household finances in check. The check at age 62 may be small, but there are ways to extend it. If we are thinking of applying for Social Security with the Early Retirement Age we should keep in mind that we will get less money than the rest of the retirees who apply for the check when they reach 65 or 67 years of age.
Retirement Social Security Changes in the United States
In order to plan perfectly everything related to the Social Security retirement check, we must take into account several aspects. The first of them is to decide very well what will be the age at which we want to retire. The other aspect will be to maximize the check within our possibilities. In the same way, we also have to look at the minimum requirements to be able to have a retirement check.
If we have decided to retire at age 62, which is the minimum age, we will be able to get a maximum payment of $2,710 in this year 2024. This amount is higher than last year 2023. Based on the fact that this is the maximum payment we can obtain with that retirement age, it is possible to know what the minimum checks will be. Each retiree has a different benefit and to check it the best thing to do is to use the official Social Security calculator.
On the other hand, if we want to increase the retirement payment the first thing to take into account is to delay the retirement age. Only then will we be able to go beyond $2,710. If we retire at age 65 or 67, the check will be much larger. If we go to age 70 the check could reach the maximum of $4,873 per month.
Also, there are two essential requirements to apply for retirement. Obtaining these requirements will not grant us the $2,710 per month payment, but it will grant us the payment we deserve for reaching that minimum possible. These are the two requirements:
- Be 62 years of age. This is the minimum age to apply for retirement.
- Have worked a minimum of 10 years. It is not necessary to have worked ten years in a row, but it is possible to work continuously.
If these two requirements are met, the retirement check will be ours. Of course, we cannot expect a huge check nor the maximum of 2,710 dollars. To get that maximum check at age 62, it is mandatory to maximize the amount and for that we must work with a high salary.
Whatever we do, we should always know that the Social Security payment arrives on four different days of the month. This will give us more control of our economy. As long as we know which group of retirees we belong to, we will be able to know on which of those four days we will be able to get our monthly check.