Confirmed Social Security: the ideal benefit for a retiree in the United States by age
Social Security not only benefits retirees in the United States but also other groups such as people with disabilities, spouses and minor children of retirees, as well as dependents of deceased workers. Benefits vary depending on each case, and on its official website, the Social Security Administration (SSA) indicates how much a person will receive upon retirement: every case is unique, and several factors are taken into account.
The Ideal Benefit for a Retiree in the United States by Age
The Social Security Administration (SSA) offers a retirement calculator on its website to estimate amounts and eligibility conditions. Additionally, it has published the following information about how much a person will receive if they retire in the United States. If someone retires at age 62 in 2025, they will receive 30% less than the full monthly benefit.
- The maximum benefit at age 67 is $4,018 per month.
- If claimed at age 62, the maximum benefit drops to $2,831 per month.
According to the SSA’s publication, there are three main categories of beneficiaries:
- Retirement benefits
- Survivor benefits
- Disability benefits
On another note, in May it was reported that the average monthly payment for retired workers will exceed $2,000. This is projected in the upcoming monthly statistical report from the Social Security Administration (SSA). Social Security in the United States would achieve this milestone for the first time in its nearly 90-year history.
What Is Social Security in the United States?
Social Security in the United States was established in 1935 during President Franklin D. Roosevelt’s administration. It is a federal program that provides financial benefits to people in various situations, primarily when they retire, but also in cases of disability or for survivors of deceased workers.
To understand how Social Security can impact your retirement plan, it is advisable to seek specialized financial advice.