Check amounts may vary depending on several factors once you decide to retire. However, the larger the size of your Social Security check, the better. There is no need to mention that inflation is making it really difficult to make ends meet. Exorbitant prices are making that families have to plan everything they must buy beforehand.
Many Americans are not used to having such a tight budget. Many more worry about the little money they have managed to save for retirement. The nest egg does not seem large enough to get by and carry on with the same living standards.
Bear in mind that the amount you could get on your Social Security check varies from one retiree to another. How much you have earned matters. That amount may also vary from one year to another. It is more than likely that you got more money as you grew older. The number of years you have worked is essential too. It is not the same to have worked for 20 years or for 35 years or more. Social Security checks will be higher if you have worked for at least 35 years or more.
What is the average monthly check for people at the age of 62 in the USA?
Social Security Administration data revealed that the checks retirees at the age of 62 get are about $1,480 on average. That is according to the Annual Statistical Supplement from SSA. However, that is the amount for those who collect their Social Security retirement checks individually. Thus, if you claim it together with your spouse it will be higher. In their case, the amount of the check goes up to an average of 2,170 dollars for those 62-year-olds.
Do not forget that it is advisable to calculate the amount you may get before applying for your Social Security retirement check. Using a benefits calculator from Social Security will help you do so. It is easy but very helpful since it will allow you to see if you can afford the expenses you have at the age of 62. In order to achieve the largest Social Security check possible, delay your retirement until you are 70. An 8% increase becomes 24% more for your Social Security check. It is a lot of money to be able to make ends meet in retirement.
What are the requirements to collect Social Security benefits at the age of 62?
The main thing to collect Social Security retirement checks is to work and pay taxes to SSA. Some jobs such as state government positions do not pay taxes though. But as you pay SSA taxes, you are financing other people’s retirement benefits. Those who work when you retire will be the ones who pay your checks. Age is another requirement to retire and 62 is the earliest age possible. The oldest age to retire is 70 and the Full Retirement Age depends on when you were born. For instance, those whose birthdate goes back to 1943 to 1954 can reach FRA when they turn 66.
Paying Social Security taxes for at least ten years is essential to collect these checks. Otherwise, you will not be eligible for retirement benefits. This benefit may be compatible with SSI if you have a low income. Checking your eligibility is possible on this Social Security website. Once you have found out if you can qualify to get the checks, you can apply.