Social Security payments could differ from one retiree to another. There are many different factors that could change the amount you get. It is not the same if you retire at the age of 65 or at the age of 68. As you may already know, the more your work, the higher your retirement benefit will be. Every extra month you work after the full retirement age, implies you get extra cash too.
Nowadays people live much longer than 80 years ago. Besides, people also feel and are much younger at retirement age than they used to be a century ago. Social Security needs to update these changes and allows people to retire later. In this way, they can go on working and be as productive or more than younger workers. It is true that SS security also makes other payments apart from retirees.
For any payments from Social Security, it is highly important to combine not only the years you have worked, and retirement age, but also the earnings. Not all workers or employers paid the same amount of money to Social Security. For example, taxes may differ from part-time jobs to full-time. According to Social Security, the average monthly benefits for those who get one is up to 1,547.87 in September 2022.
How much could I get from my Social Security retirement benefit if I meet the necessary requirements?
If you happen to be in that situation, the maximum amount is $4,194. During this year, those who retire at the age of 70 could get up to that amount. If this same person had decided to retire at the age of 62, they would get $1,830 less than before. So, they could get up to $2,364 in 2022. However, this same person at full retirement age in 2022 could get something in between. In this case, the benefit reaches $3,345.
To be entitled to $4,194 at the age of 70, you should have got as much as $147,000 in 2022. That amount is the maximum taxable for Social Security. Moreover, this has to be for no less than 35 years. Therefore, most people cannot receive this amount. It will be just for a few workers. So, it would be advisable to keep working for at least thirty-five years and to keep working as close to the age of 70 as possible.
It is always good to keep track of your earnings every year. Do not forget to check your Social Security Statement. To do that you need to have a my Social Security account. It is essential to have a look at your earnings, estimate your retirement benefit, and see if you need to get more money in your job. Beware of taxes and limits, it is a good way to save money and add it to your pocket.