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If you’re already over 62 years old and receiving Social Security retirement payments, this June comes packed with up to $2,831! It’s clear that the amount you actually receive isn’t the same for everyone, and it all depends on what you earned when you were working and, above all, when you started collecting payments.
The calculation is very simple, it’s based on your earnings history and the age at which you applied for retirement, and from there they come up with a figure.
That figure, for those who retired at 62 years old, usually hovers around $1,400, but those who paid into the system with high salaries can reach the maximum. Want to know how this process works?
Why does the payment vary so much for each retiree?
The key to knowing how much you’ll receive is in your work history; the more you’ve worked, the more you’ll collect.
The Social Security Administration (SSA) calculates your monthly check
based on the 35 years when you had the highest income, so, logically, if you worked fewer years or didn’t have high income, your payment will be lower.
When is it advisable?
It’s advisable to do it whenever it’s best for you. You can apply for retirement early at 62, but that will mean you’ll get less money than someone who waits until full retirement age (FRA) or decides to extend retirement until 70 (they’ll receive more).
However, like we said, it’s up to you to decide when to retire; if your body can’t handle it anymore, opt for early retirement even if it means receiving less money. Sometimes you have to prioritize health over money!
And when will the deposit arrive?
This June, the SSA maintains its usual payment schedule, uit’s hard to believe you don’t already know that the SSA has its own calendar! As always, it depends on your birth date and will be the second, third, or fourth Wednesday of the month.
But as we said, you can check your date in the SSA’s monthly calendar.
Check your account!
If you want to know the exact amount you’ll receive, log into your mySocialSecurity account. There you’ll be able to see the scheduled deposit and the date it will arrive. If you don’t have an account yet, creating one is simple and will give you instant access to all the information about your payments!
What to do if the payment doesn’t arrive or there are errors?
If you notice the deposit doesn’t arrive or you see an error in the amount, call the SSA as soon as possible. They can help you clarify questions or update your bank information so that the money you’re owed isn’t delayed.
Remember the COLA?
Also, even if you started collecting at 62, remember that these payments usually get adjusted every year with the cost-of-living adjustment (COLA). Thanks to this, the amount can go up to help you maintain your purchasing power, so keep an eye on those annual changes to plan ahead.
The retirement check is not just a help to cover your basic expenses, it’s also a reflection of all the years you worked and contributed, so you deserve it! The maximum of $2,831 is a goal that only some can reach, but the important thing is that every retiree receives what they’re entitled to and spends their golden years in total peace of mind, right?
