The Social Security Administration can send our checks of up to $4,873. However, there are other possible and large amounts that are not a bad option either. Choosing the best retirement age can be a tough decision
Actually, the best age to file for Social Security may be different for every single recipient. There are so many factors to take into account that there can be many different best ages depending on the personal circumstances. But from a financial point of view, there is an answer.
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BEST AGE TO GET A LARGER SOCIAL SECURITY PAYMENT
According to the Social Security Administration, SSA will give the largest retirement benefits to those who file at 70. Therefore, if you would like to file at 62 or at 65, this may not be the best age to get more money.
Bear in mind that Social Security can give you a 24% extra per month for late filing. Each year you work and pay payroll taxes after Full Retirement Age you get 8% additionally. So, delaying retirement helps you get more money in retirement.
Many retirees overlook inflation and skyrocketing prices when they plan for retirement. It is true that you will have to work longer, but you will be enjoying a much higher payment in retirement and it may prevent you from having financial difficulties.
SOCIAL SECURITY AMOUNTS BY AGE
It is important to have an idea of the different payment amounts at different ages. For example, if you file for Social Security as early as possible and receive $1,465 at 62, you could have gotten $2,634 at 70.
An astonishing $1,169 difference which not many retirees can afford. Just by filing at 67, (Full Retirement Age for those born from 1960 onward) you could have gotten $2,119. Perhaps, this would be a more reasonable option and you do not have to delay retirement so much.
Hence, make sure you plan your future expenses and possible hidden costs carefully before you file for Social Security. The things to take into account to achieve up to $4,873 are filing at 70, working for at least 35 years, and earning as much money as possible if you cannot earn the taxable maximum.