In general, those Gen X and Millennials who have worked for 10 years and paid enough taxes to SSA may have already earned 40 Social Security or work credits. That is the minimum number of credits you need to claim retirement benefits at 62. Thus, it will depend on the person.
If you do not the years you must have been born to be a Millennial or Gen X, let’s have a look at them. Gen X goes from 1966 through 1980, while Gen Y or Millenials were born from 1981-1995. Therefore, all these Americans have had enough time to pay Social Security taxes for ten years or more.
How can Gen X and Millennials get a higher Social Security payment?
If you would like to receive more money from the Administration in retirement, there are at least 4 things that could boost your benefits a great deal. To start off, make sure you have jobs covered by the SSA.
Making sure that your employer pays the right amount of taxes is necessary since there can be mistakes. Reporting these mistakes is essential to receive an accurate amount in retirement.
Secondly, you should delay retirement as much as you can. Even if you can file as early as 62, inflation can shrink your purchasing power and could cause financial hardships in retirement. But the tips to boost the future payments for both Millennials and Gen X are not over.
Delaying retirement is not enough to get a higher Social Security
As a matter of fact, only those workers who work for 35 years can opt for higher Social Security payments. This is because not doing so means a full year would count as $0 in earnings if you just worked for 34 years.
So, when Social Security calculates your payment amount, it immediately goes down. Last but not least, make sure you have the jobs with the highest wages. By doing so you will pay more taxes and will increase your retirement benefit amount.
Those who are so successful that earn the contribution and benefit base for 35 years can claim a check worth $4,873 if they file at 70. On the contrary, those Millenials and Gen X who do not pay enough taxes to SSA may need to apply for SNAP benefits and SSI payments.