Understanding Social Security Payments: Everything You Need to Know
Every month, the Social Security Administration (SSA) issues millions of payments to its beneficiaries, most of whom happen to be retired workers. The amount you receive depends on a number of factors, including the length of time worked, the salary received during the years worked, and the age at which the worker requested retirement.
Retiring at the Minimum Age
Although each case is different, the truth is that the minimum age to request retirement is 62 years. If you request it before reaching the minimum rank, then a certain percentage of the payments will be deducted for each year anticipated. On the contrary, if you wait after 62, the percentage will increase for each extra year.
Retiring at the Full Retirement Age
It is best to wait until full retirement age, which varies depending on the year in which you were born. If your date of birth was in 1960 or later, your full retirement age is 67; if you were born before, the age varies between 66 and 67. However, if you want to wait beyond full retirement age, the SSA allows you to go up to 70 years in order to receive the maximum benefit.
Average Pension Payment
How much is the pension average that retirees get from Social Security in the United States? Taking into account the possible scenarios for retirement; below, we share the average payment in each of them.
– Minimum age (62 years): $1,700 dollars per month
– Full age (67 years): $3,627 dollars per month
– Maximum age (70 years): $4,555 dollars per month
It is worth mentioning that this is approximate, since each case varies. For this reason, we share with you an Omni Calculator to give you an idea of what you can get per month, depending on your situation.
June Payment Schedule
Payments are made every Wednesday depending on the date of birth of the beneficiaries, except for those who receive checks Supplemental Security Income; they receive the money at the beginning of the month. Below is the June payment schedule.
– June 1: Supplemental Security Income (SSI) recipients
– June 2: Recipients who began receiving their payments before May 1997
– June 14: Recipients with birth dates between 1 and 10
– June 21: Beneficiaries with a birth date between June 11 and June 20
– June 28: Beneficiaries with a birth date between June 21 and June 31
– June 30: SSI recipients
In conclusion, understanding Social Security payments is important for retirees to plan their retirement accordingly and know what to expect from their pension payments. Make sure you know your full retirement age and consider waiting to receive the maximum benefit before requesting retirement.