How much does a retiree earn in the United States and what are the requirements to get a pension

The golden age brings the benefit of retirement and in the United States it can be claimed by age 62.

Workers must “meet certain criteria in order to receive benefits,” reports AS USA Latino, a medium also citing the need:

The Social Security Administration (SSA) provides “assistance to certain low-income workers to increase the amount of their benefits by calculating the minimum Social Security benefit,” the media expands.

This calculation, he adds, “looks at years of coverage rather than a person’s income to estimate how much they could receive from Social Security.”

Remember this important fact from usa.gov: To retire and claim Social Security benefits, you must be at least 62 years old. If instead you decide to retire at age 67, the full benefits will come into your hands.

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How much is the pension in the United States: look at the table

An individual with 11 years of coverage has “reached the special minimum benefit starting at $49.40 and reaching $1,033.50 each month for employees with 30 years of coverage,” says AS USA Latino.

The publication, with data from 2022, presents a “Complete table of the benefits of the special minimum benefit, according to the year coverage”:

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Salary and age considerations

Retiring at age 62 “reduces the amount of money you receive because you don’t wait until full retirement age (67).”

AS states that “the amount you would receive would be equal to the total pension benefit you are entitled to, less a 30% discount.

So, “if your full retirement benefit at age 67 is $1,000, but you receive a benefit at age 62, you’ll get $700 per month instead.”

Instead, if you choose to “defer benefits until age 70, the maximum age you can claim them, then a $1,000 monthly benefit would become $1,240 per month.”

Because? According to the paper, the variation is “due to the fact that you get an additional 8% benefit for every year you defer them from full retirement age.”

It also indicates that the reduction in benefits also applies to people who receive the special minimum benefit.

Family Benefits in the United States

According to the SSA, “if you receive retirement benefits, some members of your family may also be eligible for benefits on your file.”

If you qualify, your ex-spouse, spouse or child can receive a maximum of half of your pension benefit each month.

These Social Security payments to family members won’t reduce the amount of your retirement benefit, they say.

Read here for more information

To learn more about aspects related to Social Security, visit the Social Security Administration (SSA) site.

With information from AS USA Latino and the SSA.