what is the minimum social security retirement?
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A worker has to have at least 11 years of earnings to qualify for the special minimum benefit, with a minimum amount earned each year. That minimum gets changed every year based on inflation. For 2019, a person would have to earn at least $14,805 to get credit for the year for special minimum benefit purposes.
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Experts suggest you'll need at least 80% of your current income in retirement. So, if you earn $75,000 a year right now, you might need $60,000 a year when you retire.
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The average American retirement age is 67.6 for men and 66.1 for women, but the rules vary depending on citizens' age. Anyone born before 1938 can retire at 65, while those born after 1959 have to work until they are 67. The retirement age increases gradually up to 67 for those born in-between.
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The general rule for retirement benefits To be eligible for retirement benefits from Social Security, you need a total of 40 credits. Most workers cover that requirement by working for 10 years, earning enough in each year to get the maximum available four credits annually.
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Say your full benefit amount is $1,500 a month and your full retirement age is 67. If you start collecting Social Security at 65, you'll reduce your monthly payment to $1,300. While that may not be ideal, it's not nearly as bad as claiming at 62 and cutting a $1,500 payment down to just $1,050.
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To be eligible for Social Security retirement benefits on your own, you will need to have worked for the equivalent of at least 10 years (amassed 40 credits), earned the minimum required income each quarter, and contributed to Social Security through payroll taxes.
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A federal or postal worker is currently eligible to retire if they meet one of the following seven criteria: 1.) They are covered by FERS, are at least 56 years old (the minimum retirement age for FERS) and have at least 30 years of service.
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Key points. Generally, the minimum pension age is 55. Scheme rules vary though, so some members could take benefits at different ages.
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If you sign up at age 62, you will get 25% smaller Social Security payments if your full retirement age is 66 and 30% lower payments if your full retirement age is 67.
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For single retirees who want a minimum standard of living – to meet their basic needs and have a little left over for fun – we estimate that they need an annual income of about £10,200.
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Old-age pension (social insurance, formal-sector system): 20% of the insured's average monthly wage in the last 60 months before retirement is paid. The minimum monthly earnings used to calculate benefits are 1,650 baht. The maximum monthly earnings used to calculate benefits are 15,000 baht.
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The maximum benefit — the most an individual retiree can get — is $3,011 a month for someone who files for Social Security in 2020 at full retirement age, or FRA (the age at which you qualify for 100 percent of the benefit calculated from your earnings history).
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When must I receive my required minimum distribution from my IRA? You must take your first required minimum distribution for the year in which you turn age 72 (70 ½ if you reach 70 ½ before January 1, 2020). However, the first payment can be delayed until April 1 of 2020 if you turn 70½ in 2019.
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The maximum Social Security retirement benefit that can be collected at full retirement age is $2,861 per month in 2019, though few people are able to collect this amount.
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Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 72 (70 ½ if you reach 70 ½ before January 1, 2020), if later, the year in which he or she retires.
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The average Social Security retirement benefit paid to a retired worker is $1,413 per month as of June 2018. However, your initial monthly benefit could be much greater or much less than that amount, depending on your age and income.
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For 2019, the average Social Security retirement benefit was $1,461 a month, or $17,532 a year. 8﻿ The most you can receive depends on your age when you start collecting benefits. For 2020, the maximum monthly benefit is: $3,790 if you file at age 70.