2023-12-30 08:19:34
If you want to retire this 2024, you should take into account what is most convenient so that you can start receiving your pension through the Social Security Administration (SSA) in the US.
To cover their expenses, pensioners can continue working and have a limit amount that exempts them from collecting taxes. By 2024, it is estimated that there will be 63.5 million retirees and survivors. If you want to know what you should take into account when retiring, this note is for you.
WHAT IS RETIREMENT?
The Social Security Administration (SSA) indicates that the retirement benefit is a monthly check that replaces part of your income when you reduce your hours or stop working completely. However, it may not replace all of your income, so it’s best to identify other ways to pay your monthly expenses as you age. The pension is not the same for each person, it will depend on what you have contributed and the age you have decided to retire.
If you start receiving benefits at full retirement age, this percentage varies between 75% for people with low incomes, 40% for people with moderate incomes and 27% for people with maximum incomes. If you choose to begin receiving benefits after your full retirement age, these percentages will be higher. However, if you start receiving benefits earlier, these percentages would be lower.
The United States Social Security Administration is in charge of retirement and other benefits such as SSI (Photo: AFP)
AT WHAT AGE IS BEST TO RETIRE IN THE UNITED STATES IN 2024?
If you plan to retire in 2024, these are the three scenarios that you have to analyze this year, according to the newspaper New York:
At 62 years old
It could be the best age to retire if you have saved enough money for many years, are in poor health, or are not strong enough to continue working. In this case, you must first find out about the approximate amount you could receive upon retirement and, to do this, you can use the calculator offered by the website of Social Security.
You must keep in mind that requesting early retirement at age 62 means obtaining a lower payment each month, since they would give you 30% less than what would correspond to you.
At 67 years old
The full retirement age is 66 and for others it is 67. Many people apply for Social Security upon reaching FRA because they receive 100% of their benefits.
If you apply at full retirement age (FRA), you will have worked a few more years and therefore saved more money. That’s why it’s essential to make as many contributions to your savings plans as possible.
At 70 years old
Retiring at age 70 is considered the best option from a financial point of view, then it would no longer be convenient for you, since your benefits will not increase further. Remember that you can get an extra 24% per month if you wait until age 70 to claim Social Security. For example, if your FRA is at age 67, you can get an extra 8% each year you delay retirement.
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