Remember that the amount you could receive on your Social Security check varies from retiree to retiree. (Photo: CNBC)
When you decide to retire, your Social Security Check may vary depending on various factors—the larger the amount, however, the better. Inflation is making it extremely difficult to make ends meet. Exorbitant prices force families to plan ahead of time for everything they need to buy.
Many Americans are not accustomed to living on such a limited budget. More are concerned about the small amount of money they have saved for retirement. The nest egg must be bigger to get by and maintain living standards.
Remember that the amount you could receive on your Social Security check varies from retiree to retiree. It is essential to know how much you have earned. You most likely received more money as you grew older. The number of years you have worked is also necessary. Working for 20 years is different from working for 35 years or more. Your Social Security check will be larger if you have worked for at least 35 years.
What is the average monthly wage in the United States for people over the age of 62?
According to the SSA’s Annual Statistical Supplement, retirees at the age of 62 receive about $1,480 on average. That is, however, the amount for those who receive their Social Security retirement checks individually. As a result, if you claim it jointly with your spouse, the amount will be higher. In their case, the check amount increases to an average of $2,170 for those 62-year-olds.
What are the eligibility requirements for receiving Social Security benefits at the age of 62?
The primary requirement for receiving Social Security checks is to work and pay SSA taxes. Some jobs, such as those in state government, do not pay taxes. However, by paying SSA taxes, you are funding the retirement benefits of others. Those who will be working when you retire will be the ones to pay your bills. Another requirement for retirement is age, and 62 is the earliest age possible. The oldest retirement age is 70, and your birth year determines the full retirement age. For example, those born between 1943 and 1954 can reach FRA at the age of 66.
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