Many workers may still not know the amount of money they could get from Social Security. Some even do not know where to check the possible amounts depending on the age you file for retirement benefits.
So, let’s get to the point and clear things up. All American workers can know the amount of their future retirement payments by age if they have a my Social Security account. All they have to do is download a Statement.
American workers need to know Social Security’s average payments
As of April 2024, the average payment for retired workers is worth $1,915, up from $1,848 in 2023. Therefore, it can be a great supplement if you have other earnings, savings, and investments.
Social Security payments can be much higher. In fact, some citizens can get almost $5,000. To get $4,873 from the Administration in retirement you must meet 4 conditions.
The SSA requires workers to file at the age of 70, have jobs covered by Social Security, and earn the taxable maximum for 35 years. Thus, those who have not worked for 35 years, were not a high earner, or filed early should expect lower payments.
The Full Retirement Age is not the same for everyone
Although many citizens may still think that the Full Retirement Age is 65, it is no longer that age. As a matter of fact, it will be 67 for those who were born from 1960 onward.
If you reach Full Retirement Age in 2024, you are turning 66 and 8 months. Full Retirement Age is the moment when you can claim 100% of your benefits without getting a reduction.
Another thing American citizens should bear in mind is the fact that inflation affects retirement benefits. Some reports claim that retirees who file in 2000 have lost about 36% buying power. COLAs do not seem to be enough, so do not put all your eggs in one basket and make your nest egg as big as possible.
