Retirement checks can give a worker up to $4,873 in 2024. However, this large check could be misleading. Most retirees earn a lot less. Bear in mind that even the average payment may not be realistic.
Retirement checks are worth $1,909 on average. Since your check amounts depend on your work and earnings history, you may receive a lot less. While some workers have worked for 35 years or more, others have barely worked for the minimum required.
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To get Social Security retirement benefits at 62 you must have worked for at least 10 years. This will not give you a decent monthly payment though. If you are 30-59, you should check your future Social Security amount.
HOW CAN I SEE MY FUTURE RETIREMENT AMOUNT?
Social Security offers several possibilities. Nevertheless, the simplest way to find it out is to get a Social Security Statement. It is possible to get it online through a “my Social Security” account.
As a matter of fact, it could be helpful for workers of all ages. Yet, most workers may have had enough time to work at least 10 years when they are 30. That is the minimum required to get retirement benefits at 62.
So, the Social Security Statement is not just for workers aged 30-62, it can help all workers. Besides, you could check your current earnings history. Checking it is useful to check there are no mistakes.
WHAT IS A SOCIAL SECURITY STATEMENT LIKE?
It will provide you with a 2-page pdf file. Firstly, it will inform you about work credits. It will say whether you have already earned enough or not. If you have earned enough, you should continue working and getting better salaries.
At least until you are 62 or get 35 years of work. Waiting to file for retirement benefits until you are 70 can give you 24% extra. Early retirement can reduce your check.
Also, it will show you your normal retirement age and possible amounts for ages 62-70. Information regarding Medicare, Disability, or Survivors benefits, will be provided. Finally, you will be able to see your earnings, and taxes paid.