Social Security Calculator: How much money will I receive if I retire before age 62?
Every month the Social Security Administration issues millions of checks to retirees. How much money will you receive if you retire before the age of 62?
Every month, the Social Security Administration issues millions of payments to beneficiaries of their programs, many of whom are retired workers.
The exact amount of the check a retiree receives 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.
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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?
If you applied for #SocialSecurity benefits or SSI payments, you can use your personal my Social Security account to check the status of your application or appeal. Learn more here: https://t.co/LEgVSZYx3x pic.twitter.com/eStZmzmx72
— Social Security (@SocialSecurity) April 19, 2023
Social Security Calculator: How much money will I receive if I retire before age 62?
With the COLA increase of 8.7%, the maximum benefit for those who request their retirement at the minimum age of 62 is $2,572. However, the figure varies depending on the situation of each beneficiary, especially if the benefit is requested before that age.
Here 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. What will you receive if you retire at age 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 which is an equalization made by the SSA between the payments and the current inflation rate. The COLA’s objective is to avoid purchasing losses to the beneficiaries when inflation in the country is high.