The Social Security Administration (SSA) allows seniors to file for retirement benefits at 62. Millions of Americans dream about getting payments at that age because that means not having to work any longer.
It is true that you can benefit from more payments in retirement if you apply for Social Security at 62. What is more, it could be a relief if you have a physically demanding job.
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Undoubtedly, filing dor Social Security at 62 is the best idea if you are unwell. Not being healthy is a problem if you must work. Now, let’s have a look at the workers who can get payments of $2,710 at the age of 62 in retirement.
ELIGIBILITY FOR PAYMENTS WORTH $2,710 IN RETIREMENT
As a matter of fact, this is the largest amount seniors can get from Social Security at 62. First of all, you must meet two important conditions to get such a large payment in 2024.
The first condition you must meet has to do with the number of years you must work for. Even if you just need ten years of work to get retirement benefits, this is far from enough.
Actually, you will need to work for at least 35 years. This is the number of years the Administration uses to work out the full amount of your retirement payments.
So, even if you file for Social Security at 62 this year and have worked for 35 years, you would still need to meet one key requirement to qualify for $2,710 in 2024.
HAVE YOU BEEN A HIGH EARNER?
If you have been a high earner, then you may qualify for a retirement check worth $2,710 in 2024. The thing is you must have earned the taxable maximum for 35 years.
So, if that is your case, you can get $2,710 at 62 in 2024. Only those workers who have earned so much money can be eligible for this awesome payment in retirement.
For your information, the taxable maximum is $168,600 in 2024, up from $160,200 in 2023. Hence, very few workers can earn such a large amount for 35 years. Still, some can be successful.
Even if you do not qualify for such a large payment, you can easily make it grow. Delay retirement until you are 70, by doing you you will get a 24% reward from Social Security. Benefits for retirees are becoming essential for millions of seniors, so try to make them grow while you are working.