All United States citizens who meet a number of requirements can apply for a Social Security retirement benefit. Although the amount of these checks should not be the total income of a retiree per month, this is often the case. Therefore, knowing which is the highest Social Security benefit for each individual is key if we want to live our golden years in the best possible way.
In this year 2023, the Social Security Administration has already announced the table according to retirement ages. Keep this information because it is much more useful than it seems, since thanks to this table we will have the possibility to know what will be the retirement check.
There is no better way to calculate what our Social Security check will be than using this table. Thanks to this content we will be able to know an approximation of what the Social Security check will be. In addition to that, we will be able to know what the corresponding spouse’s check would be, something very useful to plan the retirement together with our partner.
Table of retirement benefits in 2023
This table is official from the Social Security Administration and can also be consulted through the official website.
|Year of Birth 1.
||Full (normal) Retirement Age
||Months between age 62 and full retirement age 2.
||At Age 62 3.
|A $1000 retirement benefit would be reduced to
||The retirement benefit is reduced by 4.
||A $500 spouse’s benefit would be reduced to
||The spouse’s benefit is reduced by 5.
||66 and 2 months
||66 and 4 months
||66 and 6 months
||66 and 8 months
||66 and 10 months
|1960 and later
- If you were born on January 1st, you should refer to the previous year.
- If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.
- You must be at least 62 for the entire month to receive benefits.
- Percentages are approximate due to rounding.
- The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.
As can be seen, the minimum age to receive the Social Security retirement benefit is 62 years old. This is important in order to have a good retirement plan for the future.
What are the minimum requirements to apply for Social Security?
Although the minimum age for Social Security is 62 years old, this does not mean that this is enough to apply for the retirement check. In addition to that, it is necessary to have worked a number of years previously. Therefore, in order to start collecting the retirement check it is necessary:
- Work a minimum of 10 years.
- Be 62 years old.
Fulfilling these two requirements, we will be able to apply for the Social Security check to start enjoying retirement.
How to get the largest retirement benefit check?
To achieve the largest check in the year 2023, it is necessary to have made a retirement plan in advance. It is not possible to get the largest Social Security check without advance planning. Even so, it is not necessary to maximize the check in order to live a good golden years. If you’re thinking about retiring early, keep these three elements in mind.
- Retirement age. The longer you delay your retirement, the bigger the check. As you can see in the chart above, retiring at 62 means losing 30% of the benefit in the monthly check.
- Years worked. The minimum number of years worked to apply for a Social Security benefit is 10, but that does not mean it is ideal. In order to receive a good benefit, it is necessary to have worked 35 years.
- Wages as a worker. When a United States citizen collects his or her salary, part of it goes for Social Security-related taxes. This means, therefore, that the more salary you have the more taxes you will pay. So this will end up meaning a higher benefit during retirement.
Even though the biggest check in 2023 is $4,558 it is not necessary to reach that figure. You can always look for a city where you can spend your golden years as comfortably as possible.