It is now common for the Social Security Administration (SSA) to send money to retirees each month. Therefore, those born after 1960 will have to wait until they are 67 years and a month to reach retirement age.
However, those who retire early can still receive the money. It’s important to know that you can claim Social Security benefits up until age 62, but at the cost of lower monthly payments.
However, there is also the option for retirees to wait until age 70 to start claiming benefits and receive higher payments.
Beneficiaries of 65 years, what should you know
There are a few factors other than age that determine the benefits. In this case, we find the income, and therefore the monthly payments to a pensioner are calculated individually. Another influencing factor is the increase in the Cost of Living Adjustment (COLA).
in 2023
This 2023, pensioner payments should improve as the SSA has announced the 8.7% increase in COLA.
Similarly, for this year, those who take out insurance at age 65 should receive an approximate payment of $2559.00 per month.
This number undoubtedly exceeds the average monthly benefit for all people claiming Social Security. In fact, the average profit in January was $1827.00.
The differences are that there are beneficiaries under the age of 65 who tend to receive lower payments, although there are other factors.
Those turning 65 who wish to get an estimate of their Social Security benefits are encouraged to use a helpful tool. This is the Social Security Benefits Calculator sponsored by the SSA to facilitate procedures. However, you can also request the calculations through a My Social Security account.