The only way to cash 100 percent of your retirement check from Social Security is to file at Full Retirement Age. This is something that will depend on when you were born.
While those born after 1960 can reach Full Retirement Age at 67, other workers had the possibility to file early and get 100%. Since Social Security has always been a supplement to other sources of income, people used to file as early as possible.
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Nowadays, more and more people rely on Social Security. Since they have not saved much money or invested wisely, they need to find ways to get more from retirement benefits.
You may lose this percentage if you file for Social Security at 62
The Social Security Administration will reduce your monthly benefits if you file before Full Retirement Age. So, those early filers at 62 will lose about 30% of their retirement benefits said SSA.
Therefore, you need to take into account all the expenses and unexpected money you may need to afford things like medical care. Sometimes workers do not think about all the money they may need because of inflation.
Those who live on a tight budget will have a much more difficult financial situation. Make use of the Social Security statement. There, you will find out more about possible future amounts. Depending on the age you retire, you can see the approximate amounts.
What is more, you could even see on your statement if your spouse or children are eligible for benefits on your record. Unfortunately, passing away is something that could happen at any moment.
How can I avoid the 30% reduction for filing for Social Security at 62?
The only way to avoid this 30% reduction is to delay the age you retire. However, you can think of ways to make your retirement benefits larger. That is why it is so important to work toward that goal if you are a millennial or Generation Z worker.
Make sure you work for at least 35 years. By doing so, Social Security will not reduce your monthly check even more. SSA will work out your full amount using the top 35 years with the highest earnings in your work history.
Check that your employer pays the right amount of taxes to the Administration. Report any mistakes you find in your earnings statement. Use my Social Security account to find out all sorts of information regarding your future payments.
Last but not least get well-paid jobs. The more money you earn as a worker, the higher your SSDI or retirement benefits will be. All these tips will make your check grow. As a bonus tip, late at the age of 70 to get a 24% reward from Social Security.