If you were born in 1955, your full retirement age will be 66. This means that you can start receiving your retirement benefits at that age. Still, you should know that the said benefits you will get will be reduced because you chose not to wait until you could receive the full retirement benefits, which will come years later, specifically at age 66 years and 2 months.
This means that between age 62 and age 66 and 1 month, you will only get between 74.2% and 99.4% of the payment you are entitled to until you hit the 66 years and 2 months bracket, at which point you will get 100% of the pay, which like in previous years is paid monthly. This payment also affects your spouse, as your decision or not whether to wait will reflect how much they receive as a qualified spouse.
However, you can decide to delay the payment of your full monthly benefit by 10 months, and this will bring the percentage of payment you will receive to 106.7%, if delayed till age 70, you are sure to get 130.7%, which is the maximum you can get because at this year and this rate, your benefits will stop increasing even if you decide to delay receiving it.
What is the cost of social security for full retirees?
The total amount of your social security benefit as a full retiree depends on whether you wait to receive your full benefit or begin receiving your benefits immediately after you retire.
- Therefore, with this information, if you retire at the full retirement age of 66 years and 2 months in 2024, you will be able to receive the sum of $3,822, which will be paid monthly.
- However, if you decide not to wait until your full retirement age (assuming 2024 is not the year of full retirement) to start receiving your pension, you will get paid $2,710.
- The luckiest bunch of retirees will be those who hit the maximum age of 70, which is the summit of extending your retirement benefits. At age 70 in 2024, you will be able to receive $4,873.
What are Social Security retirement benefits for?
The Social Security retirement benefits serve as an effort by the US government to help retirees ease into retirement by contributing to part of the income they receive upon retirement. This payment is usually received every month on the day of your birth. You will be paid as long as you have met the requirement of being retired alongside the other requirements outlined by the SSA, including uploading documents to support your retirement eligibility claim.
