Retirement in the United States is a very important step for everyone. If you are thinking of retiring soon and you live in New York State, you will be interested to know what the minimum Social Security benefit is. Having a large amount of money on a monthly basis is important, although it all depends on how much money you have contributed as a worker. The general rule of thumb for the amount of monthly Social Security checks follows three fundamental pillars for any state: years contributed, salary as a worker and retirement age.
Knowing these three data, you can know what will be the amount of money you will receive when you retire. To make the calculation there is nothing better than a Social Security calculator, but in addition to this you must take into account other factors. Not only does it matter how much money you receive each month, but also how much money you have to spend living in New York State.
The average retirement pension in New York State
As we have previously mentioned, you can check the average retirement pension in New York State through the SSA calculator. But that’s not the real and final figure, of course. There is a very important factor here, which is retirement age. If you file for retirement at age 62, you will have 30% of that final amount.
In addition to all of the above, years worked and wages contributed are the key aspect of collecting a good benefit. The minimum benefit in New York is quite high considering the high salaries in this state. Therefore, it is a place where you will be able to receive a good benefit if you have worked there for 35 years.
Details to take into account with Social Security in New York
It is not only the money we take in that matters, but also the money we are going to spend. New York State is one of the most expensive states to live in. Salaries are usually high, but the Social Security retirement benefit is capped at $4,194 per month if you apply at age 70.
A good option is to work in New York for 35 years at a high salary and then live in a state where you can stretch your benefit. This way, you will be able to enjoy your retirement more. In case you want to live in New York after retirement, it is advisable to have a large amount of money saved to be able to afford all the payments in the city.
