Millions of Americans receive monthly Social Security payments every year. Many people believe that everyone can qualify for retirement benefit payments. However, it is only possible to become eligible if you meet all the requirements SSA has set.
For example, you must have worked for a minimum of ten years and have jobs covered by SSA. That implies you have earned at least 40 Social Security credits. They are also known as work credits.
Age to get Social Security retirement benefits
The earliest age a worker can claim retirement benefits is 62 in the United States. However, that does not mean you must apply at 62. Keep in mind that it could have great disadvantages if what you need is a large payment in retirement.
The Administration will reduce your benefits by 30% if you file at 62. Therefore, it is not something many low-income workers can afford. On the contrary, those who delay retirement until they are 70 can get 24% extra per month.
Only those who file at Full Retirement Age, 66 years and 8 months old in 2024, can receive 100% of their benefits. Since the average payment is $1,919 as of July 2024, many retirees may receive a lot less and others a lot more. So, how could you make the most of your Social Security?
Tips to get the largest Social Security retirement benefit
The most important things to take into accounts are:
- work in jobs covered by SSA
- pay enough taxes to get a larger benefit
- work for a minimum of 35 years
- earn the contribution and benefit base (taxable maximum) for 35 years at least
- apply for Social Security at 70
Those workers who do not work in jobs that pay payroll taxes to Social Security may get a pension, but not retirement benefits. Check the amount of taxes your employer pays is accurate and report any errors.
If you do not work for at least 35 years, your monthly benefit will be reduced. If you cannot be a high earner, make sure you get promoted and look for better-paid jobs to pay more taxes and have a larger benefit. And remember, the closer you are to your 70s, the higher your benefit will be.