Early retirement calculator: Average Social Security check at age 61
Every month, the SSA issues millions of checks to retirees. What is the average Social Security payment at age 61? Find out with the retirement calculator.
Month after month the Social Security Administration (SSA) issues millions of payments to beneficiaries of the Social Security Program, who are mostly retired workers.
The exact amount of the check depends on a number of factors, including years worked and the recipient's age at retirement. The longer you wait to retire, the bigger your monthly insurance check will be.
According to the SSA, the minimum retirement age is 62, while those born in 1960 or older must wait until age 67 to reach full retirement age. However, the process can be delayed until the age of 70 if you want to receive more money.
But, what happens if I want to retire before the minimum age? How much money will I receive?
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Early retirement calculator: Average Social Security check at age 61
With the COLA increase of 8.7 percent, the maximum benefit for those who request their retirement at the minimum age of 62 years is $2,572. However, the figure varies depending on the situation of each beneficiary, especially if the benefit is requested before the minimum age.
This is a calculator developed by Bogna Szyk and Mateusz Mucha from Omni Calculator with which you will be able to know what the estimate would be if you retire at 61. All you have to do is fill in the requested fields and the simulator will do the rest.
The amount received changes from year to year due to the cost of living adjustment (COLA), which is an equalization made by the SSA between the payments and the current inflation rate, with the objective of avoiding losses to the purchasing power of beneficiaries when inflation in the country is high.