Knowing the monthly amount we will receive in the Social Security payroll is crucial before applying for retirement, since a large part of our budget will depend on that income. Therefore, it is important to try to secure as much as possible. However, in some cases, personal factors may limit the check we will receive.
In these situations, the best thing to do is to know as soon as possible what the monthly payment will be, as this will allow us to adjust our budget according to what we receive. It will also provide useful information about the possibility of accessing other benefits, such as SNAP food stamps or Supplemental Security Income, which can supplement Social Security payments.
How much does Social Security pay with 15 years of work?
Not only the years worked influence the Social Security pension we receive. Therefore, it is not possible to determine an exact figure with this data alone, but it is possible to make a rough estimate considering more factors.
For this purpose, in addition to the years worked, it is essential to take into account:
- The retirement age.
- The salary received during the years worked.
As for the years contributed, the Social Security calculates the pension based on the 35 years with the highest income. If we have worked only 15 years, the remaining 20 years are considered as 0 in the average, which considerably reduces the total amount, even if we had a high salary during those 15 years.
In this sense, it is more beneficial to work 35 years with an average salary than 15 years with a high salary. In addition, the age at which retirement is requested also affects the amount of the pension, since if it is requested at age 62, a 30% reduction is applied on the accrued benefit.
How to get more Social Security benefits
To obtain the maximum Social Security check, it is essential to optimize the three key factors: retirement age, years worked and salary received. If our goal is to reach the monthly payment of $4,873, we should:
- Retire at age 70.
- Have worked 35 years before applying for the benefit.
- Have had a high salary during those years of employment.
By following these steps, it is possible to secure the highest Social Security pay, although it is true that not all Americans can reach this figure. However, the closer we get to these conditions, the better the monthly check we will receive.
What is the maximum Social Security benefit?
About 70 million citizens benefit from monthly Social Security payments. Most recipients are retired workers who paid income taxes to Social Security while they were active.
In determining the amount of payments, the Social Security Administration (SSA) takes several factors into consideration, so the amount may vary from beneficiary to beneficiary.
In the case of retired workers, the amount to be received will be linked to the number of years worked, the taxes paid to the SSA during that same period and, especially, the age at which the worker requests retirement.
At what age can I apply for Social Security payments?
The minimum age to apply for Social Security payments in 2024 is 62 years old. However, since this is the minimum age established by the SSA, beneficiaries do not receive 100% of their benefit, since the Administration reduces the amount for each month retired before full retirement age.
To receive 100% of the benefit, it is recommended to wait until full retirement age, which is 67 for those born after 1960. If you were born earlier, you can consult the SSA’s official table for your full retirement age based on your year of birth.
Those who delay retirement until age 70 or older may qualify for the maximum Social Security benefit, which exceeds $4,000 per month.
What is the maximum Social Security benefit?
While payments vary depending on each beneficiary’s situation, the SSA has a table of estimates that provides a broader picture for those planning for retirement.
In 2024, the maximum payment for beneficiaries age 62 is $2,710 per month. Recipients age 65 may be eligible at a maximum payment of $3,426 per month and those age 66 at $3,652.
Those waiting until full retirement age are eligible for a maximum benefit of $3,822 per month , and those who delay retirement until age 70 or older are eligible for a maximum payment of $4,873.
