In the United States, the Social Security Administration is the agency in charge of retirement benefits. This Administration has very clear and strict rules regarding the requirements for collecting the monthly check. This means that in order to start receiving your retirement benefits you will need to meet all the requirements they propose. Otherwise, you will not be able to receive your monthly benefit.
While all of this is true, there are also exceptions. That is why it is so important to ask the Social Security Administration directly, either online or by phone, about your specific case. There are exceptions, such as disability, that make these requirements non-mandatory. And that is why it is better to consult our specific case to see if we are really entitled to any economic benefit.
However, it is also important to remember that it is not a good idea to rely 100% on Social Security. Having another source of income can be essential to keep going and be able to pay all monthly expenses.
As for the minimum requirements we are talking about, it is related to working years. Therefore, if you have not worked before, you will not be able to receive Social Security pension benefits. After all, retirement is an opportunity to rest after years of work. However, the benefits of exceeding the required minimum number of working years are minimal. However, depending on the situation, this may be sufficient. What is the minimum number of years you will work before you retire?
The Social Security pension requirement
The minimum number of years worked to apply for Social Security retirement benefits is 10 years. You will be able to apply for retirement only after working this time. Until you work all that time, a United States citizen cannot apply for retirement. In addition to this, the minimum age for retirement is 62. It is possible to collect the retirement benefit only from that age. It is not possible before that age. On the other hand, Social Security disability benefits are different and can be collected before that age.
Even so, it is an indispensable requirement, since you will not be able to start your retirement benefit until you reach the age of 62. On the other hand, there are also exceptions in this sector. These exceptions are related to people with disabilities. Contact your local office if you have any type of disability, as both the retirement age and the requirements for years worked may change in your particular case.
In any case, getting the maximum benefit of 4,194 requires working more than 10 years. The minimum number of years worked to reach this large figure is 35 years. Otherwise, it is impossible to reach $4,194. This is the only way to get the maximum Social Security. Even so, in the coming year 2023 this figure will increase due to the COLA. Remember to work 35 years with a good salary and apply for the subsidy at the highest possible retirement age.
Social Security retirement benefit
So the key of getting the higher Social Security retirement benefit is just working as much as you can. Moreover, you have to get a high salary and apply for retirement at 67 or 70. Ask for an Early Retirement Age at 62 only when you certainly know you have enough money to the daily expenses. The most common ages to apply for retirement benefits are 62, 65 and 67. There are seniors who wait until 70, although this is not always advisable.
It is not mandatory to retire at age 70, but it is advisable. This is because it is the best way to get a good Social Security benefit. Even so, each case is totally personal and individual, so you should choose what is best for your situation.
How can I collect my pension quickly?
There are several options for collecting the Social Security pension, but the process can be faster or slower depending on the method chosen. If we choose to receive the payment through a bank account, it can take up to 3 days for the money to be available.
On the other hand, Direct Deposit is a faster alternative, as the money is deposited immediately. This makes it a significant advantage over the bank account option.
Another benefit of Direct Deposit is that it works like a regular debit card. Therefore, we can use the Social Security pension in the same way as if we had received it in a bank account.