It is one of the most important programs for retired people in the United States. This program helps people have a steady income after they retire. The amount they get depends on things like how much time they worked and how much they put into the system.
The requirements to get Social Security payments will stay the same in 2025 as they were in previous years. However, there are some things you should know to get the most out of your benefits.
The Social Security Administration has set a list of minimum requirements that people must meet in order to get Social Security retirement payments.
These requirements are very important in figuring out if you can get benefits at all or just a portion of them. Many people in the US start planning for retirement years ahead of time, so it is important to know these numbers.
Social Security eligibility in 2025
These are the minimum requirements to get a Social Security retirement check in the next year 2025:
- Minimum age 62:Â It is possible to start getting benefits as early as age 62, although doing so at this age may result in a reduced payment.
- Sufficient work credits: At least 40 credits (equivalent to 10 years of work) are required to qualify for Social Security. These credits are earned as you work and make contributions to the system.
- Amount of earnings:Â The amount you get is based on your earnings during your working career. The higher the earnings over the years, the higher the monthly benefit.
- Registration in the Social Security system:Â It is essential to be registered in the system and to have paid the corresponding taxes during the working years.
It is important to remember that benefits change based on when you retire.
People who wait until after age 62 to start getting the payment will get more because it goes up every year until the full retirement age, which for people born in 1959 is 66 years and 2 months in 2025.
Is it a good idea to apply for the Social Security minimum?
You can retire at age 62, but you should think about what that will mean for your life before you do it. Some people like to get their payments as soon as possible, but the check they get may be smaller if they do this instead of waiting until later.
By applying for minimum Social Security at age 62, a big chunk of your monthly payment will be taken away.
The amount will go up by about 8% every year that the application is late until the full retirement age is reached. If you want to have more money when you retire, this may be an important thing to think about.
Because of their health or finances, some people may need to start getting the benefit at age 62. However, it is important to know that waiting to apply can help you more in the long run. For people who are healthy and can work well into old age, this is especially true.
In conclusion, retiring at age 62 is an option, but personal finance experts say you should think about all of your options carefully before making a choice.
For people who can afford it, waiting until they reach full retirement age may be better financially in the long run.