This is the Social Security check you’ll receive at age 69

2023-05-31 06:48:11

He cheque of the Social Security is a percentage of money that millions of citizens receive each month from the federal government of USA. The objective is financially relieve to a section of the population. That is, to help maintain a decent standard of living for people who cannot work, have limited access to the labor market, or have already retired.

According to Social Security Administration (SSA), the beneficiaries of this program include different people. On the one hand, they have access to this aid people who suffer from some kind of disability. In addition, the dependents of a relative who has died. Finally, workers who end their professional life.

The latter, the retiredare perhaps the quota of beneficiaries more numerous. And it is that in USAa person can request the retirement from 62 years to 70. A wide period of time that, however, is differentiated by the amount granted. That is, depending on the exact age at which you decide to withdraw, this will be the check of the Social Security.

For this reason, it is important that all those people who are approaching this age, inform themselves and know the exact requirements before applying for the retirement. Well, otherwise, they can lose a good money from his pension that they would have achieved by extending their working life just a few months.

The importance of reaching full retirement age

Although in the United States you can request your retirement check from the age of 62, the ideal is to wait until full retirement age. And this means? It is the age at which the beneficiary has the right to collect one hundred percent of the pension granted by Social Security. However, there is no definitive figure on when it occurs.

The check awarded by Social Security to a retiree varies due to age / Photo Canva

This It depends on each person’s year of birth.. In this way, those born between 1943 and 1954, the retirement age is considered to be 66 years. For those born between 1955 and 1959, a calculation must be made that will result in a figure between 66 and 67 years. Precisely 67 years is the retirement age of those born from 1960 onwards.

The size of the Social Security check you will receive at age 69

To know the exact amount of the Social Security check that corresponds to a person applying for retirement, several factors must be taken into account. In addition, this year we must count the 8.7 percent increase in cost of living adjustment (COLA), which has increased the amount of retirement pensions.

Bearing this in mind, let us take reference the most important factor: age. Based on this, we can say that the maximum Social Security benefit for someone who retires at age 62 (minimum age) is $2,572 per month. For those who reach full age it is $3,627 per month. For their part, those who retire at the maximum retirement age, that is, 70 years, said amount is 4,555 dollars.

Taking these figures as a reference, and counting on payee’s check increases by a certain percentage For each month a worker defers receiving benefits past full retirement age, we can determine the amount awarded at age 69. Therefore, to the 69 years a person who retires will receive $4,200 a month.