Retirement in the USA: how does it work? 

Retirement in the US is a topic full of doubts, especially for immigrants.

This is because many believe there is no public retirement in the country, while others think it is a distant reality for those who were not born in American territory.

But is this all true? After all, how does public pension work in the USA? 

All these questions will be answered throughout the content below.

Therefore, to understand everything about American pensions and possibilities for immigrants, continue reading! 

Is there retirement in the USA? 

We know that the main reason you accessed this material is to find out if there is retirement in the USA.

And the answer to this question is yes, there is American social security.

This is called Social Security, and currently benefits more than 64 million Americans and legal immigrants.

To receive the Social Security benefit, the minimum age required is 67 years old, but there is the possibility of retiring earlier, however, the amounts received are subject to change.

Furthermore, the contribution works as follows: it counts 1 credit for every 3 months worked, and at the end you need to have 40 credits to request retirement.

These 40 credits correspond to 10 years of contribution.

Therefore, it is clear that to apply for retirement in the USA you must meet two main criteria: age and contribution time.

It is worth mentioning that there is no alternative way of paying social security even without working, as you must actually have an employment contract for the minimum period requested.

As for the amounts paid by American social security, they vary according to the age at which the benefit is requested.

But, on average, they are between $2270.00 and $3750.00, with the lowest value for those who apply at age 62 and the highest for those who retire after age 70.

So, we can note that the American pension system is very similar to others around the world.

Do immigrants have the right to retire in the USA?

It’s no secret that the United States is very strict in offering benefits to immigrants.

Therefore, there are many doubts regarding the fact that American retirement is available to immigrants.

After all, do immigrants have the right to retire in the USA?

You will be happy to know that yes, immigrants are entitled to a public pension in the USA.

However, for this to happen, the immigrant must have legalized American residence and meet the minimum contribution period required by Social Security.

It is worth mentioning that the USA has a social security partnership with some countries.

This means that immigrants from these countries are able to deduct some years of contributions, presenting the contribution made in their own country.

However, this discount is not total, so the immigrant still needs to contribute for at least 1 year to Social Security before applying for retirement in the USA.

In any case, if you follow all the rules and are in the country in good standing, American social security also includes immigrants! 

How to check in?

When we talk about starting retirement, many believe it to be a very complicated task.

This is due to the fact that many social security systems around the world are very strict before granting the benefit.

And, in addition to rigor, bureaucracy also ends up being a problem for applicants.

But, in the case of retirement in the USA, this ends up being simpler, as everything can be done through the website.

This way, simply access the Social Security website, fill out your information and the retirement request form.

In addition to filling out the form, it is also necessary to send the requested documents.

Once done, just wait for a response with the results of the assessment.

It is worth mentioning that this evaluation is rigorous, and aims to observe whether the applicant meets all the minimum requirements.

If any of the requirements are not met, the request may be denied.

But, if so, the applicant can receive retirement up to 4 months after the request.

Private retirement in the US: options, rules and more 

As in many other countries, in the United States there is also the possibility of taking out a private pension.

This option guarantees that the contractor is able to retire even without meeting all the criteria required by social security.

Furthermore, even those who do not contribute to social security can retire through private retirement.

In the case of retirement in the USA, there are two main options for companies that offer this service.

These are IRA (Individual Retirement Account) and 401k.

Both companies offer private plans, to which the contractor must make payments, which act as credits.

In the future, these credits become a balance, which allows the contractor to make regular withdrawals, like a pension.

Therefore, anyone looking to hire a private pension in the USA should look for a reliable company in this sector.

In any case, the retirement system in the USA is very broad, and has several possibilities!