Ideal age to retire if you receive help from Social Security

Traditionally, monthly, the Social Security Administration (SSA) issues its checks to program beneficiaries. These people are usually retired workers.

In this sense, there are various factors while considering the check amount. This ranges from the number of years worked and wages received to the taxes paid to the insurance during the beneficiary’s working life.

However, the most important aspect to consider is the age at which retirement is requested.

As established by the SSA, the minimum age to apply for retirement in the United States is 62. However, it is advisable to wait a little longer, because, at that age, the payment will not be fully received.

Therefore, the full retirement age varies depending on the date of birth of the beneficiary. For example, for people born between 1943 and 1954, the full retirement age is 66 years.

Meanwhile, people born after 1960 have to wait until age 67 to reach it and thus receive their full benefits.

At age 66, what will be the average Social Security check in 2024?

Let’s be clear, as a result of the Cost of Living Adjustment (COLA) increase, Social Security payments increased by 3.2% this year.

This brought the average check to $1907.00 USD per month for individuals and $3303.00 USD for couples filing taxes together.

On the other hand, people who wait until age 66 to retire will be able to receive a maximum benefit of $3,652.00 USD per month in 2024.

Therefore, the SSA recommends delaying withdrawals to get a larger amount each month. Therefore, people who wait until age 70 or older are eligible for a maximum payment of $4,873.00 USD per month.

Those who want to get an estimate of their Social Security benefits can use a Social Security benefits calculator. However, you can also request a calculation through My Social Security Account as well as other tools available on the SSA portal.