62-year-olds can file for Social Security. However, they need to know the advantages and disadvantages of doing so. While you may get many more payments, you will receive less money per month.
If you have just started working in the United States, you should know how Social Security works in order to make the most of your future payments. Some workers turn 62 when they realize they will get a really low payment.
4 ways to maximize your Social Security at 62
The first thing all workers should take into account if they want a large payment in retirement is to have jobs covered by SSA. Some jobs do not pay any payroll taxes, so you cannot get benefits.
Besides, the number of years you work also matters. It is not the same to work for the minimum number of years as working for 35 years. Those who have just paid taxes for ten years to Social Security can receive benefits but they will be very low.
Another thing to take into account is the money you earn every month. It is not the same to have a small salary as a large one. So, make sure you have the largest wage possible and file at 62.
What salary do workers need to get $2,710 from Social Security at 62?
Undoubtedly, there is a minimum amount of money you need to make per month to get $2,710 at 62. There is a set amount known as the contribution and benefit base.
For example, you can only get $2,710 at 62 if you have earned the taxable maximum for 35 years. Of course, it must have been in jobs that pay taxes to Social Security.
The taxable maximum is the same as the contribution and benefit base. It varies from one year to another since inflation makes it change. For your information, it is $168,600 in 2024, up from $162,200 in 2023.