2023-07-23 03:14:51
Every month, the Social Security Administration (SSA) sends money to different beneficiaries, including retired workers and survivors.
Workers can begin receiving Social Security benefits at age 62. However, the SSA recommends waiting until full retirement age to receive full payments. Also, if the check claim is delayed, retirees can collect more money each month.
Social Security: The Importance of Full Retirement Age
To better understand Social Security benefits, you need to know what full retirement age is. This refers to the age recommended by the SSA to receive full Social Security payments, that is, 100% of what corresponds to each retired worker.
The full retirement age depends on the year of the worker’s birth. If he was born between 1943 and 1954, he is 66 years old. If he was born between 1955 and 1959, the full retirement age gradually increases to age 67 for those born from 1960 onwards.
Understanding this, if you retire at full retirement age, you would receive 100% of the benefits that correspond to you. Delaying retirement past your full retirement age would give you larger payments. On the other hand, retiring at age 62 or before you reach your full retirement age will give you smaller payments.
At what age can you start receiving Social Security retirement benefits? You can start receiving benefits as early as age 62 or wait until age 70. Find out more about this topic here https://t.co/fZYlI7JfYu
– Social Security (@SocialSecurity) June 14, 2023
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Social Security Payments: What is the maximum benefit at age 67?
People born after 1960 must wait until age 67 to reach full retirement age and receive their full benefits.
For this 2023, with the 8.7% increase in the cost of living adjustment (COLA), the maximum Social Security benefit for someone who retires at full retirement age, that is, at age 67, is $3,627 per month.
It is important to note that SSA calculates payments annually on an individual basis for each beneficiary based on the “primary insurance amount” (PIA). Subsequently, this is adjusted based on the age at which benefits begin to be claimed.
To get an estimate of your benefits from Social Securitythey can use the Social Security Benefits Calculator or request an estimate using a my Social Security account and other tools available on the SSA portal.
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