The Social Security Administration pays monthly checks to about 72 million recipients in 2024. The age you file for retirement benefit payments can make a big difference in your payment amount.
If you compare the maximum benefit for those who file at 62 and those who do the same at 70, you can tell the difference. While you could get up to $4,873 at 70, a 62-year-old can only receive up to $2,710. A staggering $2,163 more per month.
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How can I receive a Social Security reward worth $1,169?
This is possible if you qualify for a monthly retirement benefit worth $1,465 at 62. However, you should not file for benefits if you would like to obtain this awesome reward from the Administration.
What you should do is delay retirement until you are 70 years old. Of course, this may not be an option for many retirees, but it will be a great deal for many others who love their jobs and are happy to carry on working.
Keep in mind that retirement benefits at 62 get a 30% cut. Receiving less money may not be an option if you cannot afford to make ends meet because you are still paying a loan or mortgage.
How can I receive a Social Security reward worth $654?
If you believe that 70 is too late for retirement, opt for the golden mean philosophy. Instead of delaying filing for Social Security until you turn 70, you could file at Full Retirement Age.
For those who were born in 1960 or later, their Full Retirement Age is 67. Therefore, you could file when you turn 67 and get $654 extra per month if you qualify for $1,465 at 62.
Make use of your Social Security Statement and you will find very useful information regarding future payment amounts in retirement. Then choose the best age to file depending on your financial situation. Remember that average payments are worth $1,915.