It is more than likely that you are running out of money these days. Even if inflation has gone down, prices do not seem to be so low. Social Security checks will definitely come in handy. Therefore, it is time to look for payments in the United States.
If you are 62 years old or older, and you do not have any monthly payments from Social Security, perhaps you could get one. Let’s find out if you are eligible for one of these checks.
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Social Security has set several requirements to collect payments in retirement. Some Americans believe that retirement checks are for everyone, but this is not true.
How can I get a Social Security payment if I am at least 62 years old?
First of all, you must make sure that you have worked before. If you have never worked before, it will be more difficult to get a payment from the Administration in the USA.
Once you know that you have worked, you must ensure you have paid taxes to Social Security. Remember that it is compulsory to pay payroll taxes to get retirement benefits.
This is not enough. Check that you have worked for at least ten years, or else, you will not qualify for this payment. Remember that you will have to get a minimum of 40 work credits.
What is more, you can only get 4 work credits per year. So, at least you will have to work for a decade. In 2023, to get a single work credit you need to have earnings of $1,640.
Those who would like to receive a larger payment from the Administration should work for 35 years. Working fewer years may reduce your check a lot. Delay filing util you are 70 and get a 24% extra.
Do I need to file for Social Security retirement benefits at 62?
As a matter of fact, you will have to file for retirement checks. Otherwise, you will not receive your monthly payments. Some people who are rich and do not need this money have never applied for Social Security.
A great way to know if you qualify for retirement benefits is by getting a Social Security statement. There you could see the possible amounts of your checks depending on the age you retire.
If you are 62 or older, have never worked for at least 10 years, and paid no taxes to the Administration, you may still qualify for a monthly payment. However, you will qualify on your spouse’s record.
Apply for Social Security if your spouse has worked and gets payments. It could be a great way to supplement your household income. If you qualify for payments on your own record you can collect payments of up to $4,555.
But this will only be possible if you have been a high earner. On average, retirees qualify for a payment worth $1,841 as of September 2023. Spouses of retired workers may get about $888.03 on average. Thanks to the new 2024 COLA increase payments will be a 3.2% higher in 2024.