Seniors aged 62 and older are looking forward to their Social Security payments. However, you must meet several conditions to cash a monthly check of up to $4,555.
If you have worked for at least 35 years and were a high earner all those years, you are closer to getting this check than other beneficiaries. But keep in mind that your retirement age also matters.
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Early filers cannot receive a Social Security payment of up to $4,555 in 2023. In fact, you must have filed for retirement benefits at the age of 70. Earning the taxable maximum for a minimum of 35 years is also a must.
WHICH ONE IS THE LAST REQUIREMENT TO CASH UP TO $4,555 ON OCTOBER 18 FROM SOCIAL SECURITY?
Bear in mind that seniors who filed for Social Security in May 1997 or later, must have their birthdays from the 11 to the 20 of the month. So, if you are 62 years old or older, filed for benefits after April 30, 1997, and your birth date is early in the month, you will cash today a payment.
Social Security benefit depends on retirement age
Remember, your retirement benefits are based on your past earnings and the taxes you’ve paid to the Social Security Administration (SSA).
Always make sure to check your statement to know the amount of your future monthly check. This helps you plan your budget and future needs accurately.
If you think your check at 62 won’t be enough, consider delaying your retirement until you’re 70 to receive more money each month.
In fact, those who postpone retirement until 70 get a 24% reward from the SSA. It’s crucial to know that not all workers can receive retirement benefits. You need a certain number of work credits to cash in retirement benefits.
The SSA mandates having up to 40 work credits, meaning you need at least ten years of work to qualify since you can earn a maximum of 4 credits per year. Making informed decisions about when to retire affects your financial stability in your golden years.