When we apply for our Social Security retirement pay in the United States the amount we receive is not always the same. To know the money we will receive every month we can use a Social Security calculator, which is the most reliable and effective way to know the true data.
If we take into account all the variants that can have an influence on our social security pay we will be able to know the amount we will receive in the end. Therefore, there is no need for a Social Security calculator if we do not need to know an exact amount.
To know the approximate amount of money we will receive with Social Security we will consider our retirement age and also the amount of money received through work, in addition to the years we have worked. Thanks to these data we will have the possibility to know the final amount.
Two main factors to know how much social security we earn
The first of these factors is the years at which we want to ask for retirement. If we want to have the social security retirement pension at age 62, we will not receive 100% of this benefit. However, at the age of 65 we will receive about 87% of the money that belongs to us. On the other hand, to receive the full amount we must retire at age 67.
The other factor is the amount of money we have earned during the years worked. By calculating these two factors we will be able to know the approximate amount of social security we will receive when we complete retirement. The final decision is ours, so we have to see what suits us best and what is best for us.
It is possible to increase the amount of money received
If we want to receive more money when we retire from Social Security, we must delay the retirement age until 70 years of age. Each year worked after the age of 67 means an increase in the pension we will receive.
In this way, we can know through a social security calculator what is the final amount we will receive once we ask for retirement. Remember that it is necessary to know the amount of money you have earned as a worker, the age at which you want to start receiving your retirement pension and the years you have worked.
With these data we will be able to know the approximate amount of money we will receive when we start collecting Social Security benefits.