If you were born in 1956 in the United States, you would be able to receive full retirement benefits when you are 66 years and months old. However, if you choose not to delay receiving the retirement benefit, they will get a reduced benefit that will see you earn less than you are entitled to if you wait for the full benefits at age 66 and 4 months old.
It should be noted that the maximum age for leaving your benefits waiting is the age of 70, at which you will get up to 129.3% of your benefits, and after this, no additional benefits will be added even if you choose to allow it to remain untouched.
If you choose to not leave your benefits till you are aged 70 and you decide to start receiving your benefit at the full retirement age of 66 years and 4 months, you will only get 100% of your benefit.
What will be the monthly payment?
Retirement benefits are usually paid every month if you have met the requirements for receiving the payment, and as established, your pay is also determined by how soon you want your benefits paid or how long you are willing to wait before you receive them. As such, it should be noted that everyone can receive retirement benefits. For you to receive the full retirement benefits, these requirements must be in place.
- You must be at least 62 years and above, as this is the minimum required age to receive your retirement benefits. You can choose to delay the payment and receive an 8% addition every year until you are 70, after which the added incentive will stop.
- Another requirement is that you must have worked and paid your social security for at least 10 years of your work life.
What is the retirement benefit for?
The retirement benefits that have been made available by the US government play a vital role in helping retirees cope with the cost of living, especially since they can no longer afford to work due to retirement. More than this, it also serves as a valuable investment into the future they make from their years of work. This way, they can have a reliable source of income that they can enjoy as they live.
While retirement benefits can provide a means to take care of your expenses, it should be noted that an hourly monthly payment may not be enough to take care of your expenses, especially if you decide to take on a lot of spending. Therefore, it is advisable to plan your retirement benefits with a financial planner who can help you cut down on what could unnecessarily increase your spending. This way, you can adequately use your benefit without incurring additional costs that will incur debts.
