If you know how the Social Security Administration works, you can make the most of your retirement benefit payments in the United States. Some people wish they had learned the ropes of their benefits to maximize them.
Now, many retirees feel they cannot make ends meet because they did not expect to lose so much purchasing power due to higher inflation. Having a low Social Security check or direct deposit can be a problem for retirees.
Compare your Social Security check at 62 and 67
Early retirement is what millions of Americans long for. However, it may mean getting 30% less from the Administration every month. Can you really afford this large bite?
If so, go ahead and file to enjoy retirement. Nevertheless, some workers in their 60s are still paying their mortgages or personal loans and they need more money. It is unnecessary to delay retirement until you are 70.
Filing at 67 can give you $654 extra per month if your Social Security check is worth $1,465 at 62. It could actually be higher if your estimate at 62 is more elevated. So, to get about $654 extra per month you just need to file at 67, Full Retirement Age for Americans born after or in 1960.
How can I check my estimate at 62?
The Social Security Administration can show you a personalized estimate by downloading your Statement. It is free and you simply need a my Social Security account to get it online.
Here are some bonus tips to take into account and prepare for retirement:
- work for at least 35 years
- have jobs covered by Social Security
- make sure your employer pays the right amount of taxes to SSA and that there are no errors in your work history
- wait until you reach the Full Retirement Age to file for Social Security retirement benefits
- delay retirement until you are 70 if you love your job,
- are healthy
- it is not a problem for you to continue
- you want 24% extra in retirement after Full Retirement Age
