The amount of your Social Security retirement pension depends on several factors / Photo Canva
The Social Security Administration (SSA) understands that there are sectors of the population that should be boosted financially. For this reason, by the authority of the United States of America, they reserve millions of dollars a month for this purpose. Amount in many ways, with a single income.
But, why does part of the population need a state income? But according to the recipient, this will be the reasons. However, they all have a common cause: there is no way to receive a salary or it is insufficient. This means that the recipients are people who do not work, cannot perform any function and have no longer retired from their activity.
By looking at these factors, we can understand the classification that Social Security makes of its beneficiaries. First of all, it helps people financially who cannot work or have problems entering the labor market. This number includes people with some type of disability and deceased relatives.
On the other hand, it is necessary for the Government to help those people who, after a working life, decide to retire and leave their usual work activity. This is the case for retirees. One of the major quotas is in terms of receiving benefits.
Leave the United States of America
The Social Security pension in the United States is based on age. On a special basis, a person can request to retire from the age of 62 to 70. However, in the demanding moment, the amount of profit is calculated. So if you retire before age 62, the SSA will deduct a percentage of the amount, but if you retire later, it will increase the money an extra year.
Age is a factor to be reckoned with by the Social Security Administration / Photo Canva
But the right time to retire is full retirement. What is this, Pythia? It is the age at which a claimant can aspire to collect 100 percent of the pension. This age varies according to the date of birth of the applicant. If the date of birth is from 1960 onwards, this age is 67 years. If it is before 1960, the age is reported between 66 and 67 years.
Average amount of Social Security retirement pension
As we have seen, age is one of the factors that determine the amount of private pension granted by Social Security. But not only himself. There are several circumstances that can affect the amount of this benefit. Between them he worked for a period of time and received a salary during these years.
However, we know the average amount of retirement payments according to the minimum, full and maximum retirement age. Thus, a person who retires at the age of 62 receives an average income of $1,700 per month. Those who do so at age 67 make $3,627. And who does this at 70, $4,555 a month.
But we must keep in mind that, although we know the factors that influence the sum, we can only make estimates of what will answer us. But it is different in both cases. It is therefore best to seek advice from experts so that they can direct you to the right pension that suits you.