This is an important message for seniors aged 62. If you were born in 1962, you will reach the age Social Security allows workers to apply for retirement benefit payments in the U.S.
In this way, you could start supplementing your retirement savings and earnings with Social Security retirement payments. They will be sent once per month and they will increase when inflation increases thanks to COLA.
Were you born in 1962? Apply for Social Security if eligible
Social Security benefit payments can be up to $2,710 in retirement. However, retirees aged 62 get an average check worth $1,300 approximately. To apply for retirement benefits you must be at least 62 and you must have worked for a minimum of 10 years.
Ten years of work means you have earned the necessary 40 work credits. Bear in mind that you can only earn 4 work credits per year. So, that is why you must have worked for at least ten years to achieve it.
The amount of earnings you need to get 1 work credit increases as inflation does too. In 2024, you need to earn $1,730 to get one single credit and this amount is up from $1,640.
How and when to apply for retirement
To apply for retirement benefits you can do it online. All you have to do is visit SSA’s official site; https://www.ssa.gov/apply and tick the box retirement. Then, scroll down and click on “Learn how to apply”.
SSA reminds workers to think about the month they would like to start getting retirement benefits. If you are 65, do not forget about Medicare too. Then, select the “Start application” button. Setting up an appointment is also possible if you call SSA at +1 800-772-1213 or call TTY at +1 800-325-0778 if you are deaf.
Warning for 62-year-olds! If you apply for Social Security retirement benefits at 62, you will get a reduction of 30%. Therefore, it would be wise to delay retirement if you can continue working. In this way, you can get 100% of your benefits at Full Retirement Age or 24% extra at 70. Remember:
- think about the month you want to start getting Social Security
- do not forget about Medicare
- filing early means getting less money
- check your payment amounts by age using a Statement