Sunday, June 4, 2023

How much money do American retirees get from Social Security?

When a person becomes an older adult, he or she usually reaches a stage in which he or she no longer works, but instead survives on income earned during the active working years. The amount you receive will depend on a variety of factors, the most important of which are: wages, years of work and the age at which you request your benefits.

All of this turns into the taxes you paid into Social Security while you were working. As a rule, the higher your income, the higher your benefits, but everything is capped at a certain amount, and you can’t exceed it. For this 2023, that figure is at $3,600 and in some cases it could go slightly above $4,000.

Now, if we want to determine how much is the average retiree’s benefit in the United States, the answer is $1,696.35 (as of 2023), according to official figures. It all depends on your full retirement age (FRA).

FRA is the exact age at which you can already qualify for Social Security benefits and in case you decide to wait longer to apply for this income, it is likely that you will receive the maximum Benefits will exceed 132% if you delay retirement until age 70.

How do you know when your full retirement age is?

This will depend on your date of birth, as established by the Social Security Administration. Those born in 1956 have an FRA of 66 years and four months; For those born in 1960 or later, their ARF is at age 67.

In short, the FRA is going to be variable and if you want to know when you reach that point, you can use the Retirement Age Calculator published on the Social Security Administration site.

You won’t be able to determine exactly how much money you’ll receive from the SSA until your FRA arrives; however, you can make an estimate, as it is obtained based on records that the organization keeps. has about you. Earning.

You should keep in mind that the SSA will take the highest income payments you will receive over your 35-year working career. If you’ve worked for more years, the minimum wage will automatically be omitted when calculating yours.

Nation World News Desk
Nation World News Desk
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