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 Administrationdirectly, 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 requirement we are talking about, it is related to the years worked. So you can’t get Social Security retirement benefits if you haven’t worked before. After all, retirement is an opportunity to rest after many years of work. Nevertheless, working the minimum number of years required gives a very low benefit. However, depending on the situation, this may be enough. How many years of work as a minimum are compulsory before retirement?
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.
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 a 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.
Receiving your pension immediately
Many Social Security users do not know that they can receive their pension immediately. To do so, all you need to do is activate Direct Deposit. With this method, the money will be available to you the same day it is sent by the SSA.
Direct Deposit has one major advantage and no disadvantages. Thanks to this fantastic method of receiving the money, you can immediately have your benefit to use as soon as the Social Security Administration sends you the payment. You can also receive the benefit through the bank account.
You don’t need a bank account to have Direct Deposit, so it’s all advantages. Check with your local office if you want to know more about this useful and fast method of getting your pension on the same day of payment.
On the other hand, it is also good to remember that having Direct Deposit is not mandatory. Therefore, you can use your normal bank account without any problem. The only drawback you may encounter is that the money sent to you by the Social Security could take up to 3 days to appear.