Many people still believe that they can only file at 65. That is when you can claim Medicare, but you can apply for Social Security retirement benefits at the age of 62.
However, Social Security recommends filing for retirement benefits at Full Retirement Age (FRA). This is not the same age for all American workers. In fact, it keeps increasing.
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For example, if you were born in 1960 or later, your Full Retirement Age is 67. If you were born before that date, your FRA is lower. Actually, FRA is the moment when you can get 100% of your benefits.
RETIREMENT BENEFITS WORTH $2,710 – REQUIREMENTS
Social Security will make sure that you have paid payroll taxes. Therefore, if your job does not pay taxes to the Administration, you will not be eligible for any benefits as a retiree.
Paying taxes is necessary. But, additionally, you must have worked in a job covered by Social Security for at least 35 years. If you just work for ten years, you may get a very small payment.
Retirement benefits are not reduced if you work for a minimum of 35 years. So, make sure you have a look at your annual Social Security Statement. In this way, you will see the number of years you have worked and if you qualify for benefits.
Do not forget that working and paying taxes to Social Security can also give payments to your family. For example, they could benefit from survivors benefits or SSDI benefits on your record.
EARN THE TAXABLE MAXIMUM
If you have worked for 35 years and want to file at the age of 62, you just need to meet one more requirement. Nobody said it was easy, but it is a possibility for some high earners in the United States.
As a matter of fact, if you have earned the taxable maximum for 35 years, you will qualify for $2,710 in 2024. The taxable maximum is the moment when you do not pay more taxes to SSA regardless of your earnings.
For example, the new taxable maximum is $168,600 in 2024. It was $160,200 in 2023 and $147,000 in 2022. If you earn that changing amount for 35 years and file at 62 you could get $2,710.
However, those who have achieved this usually wait till they are 70 to file for Socia Security retirement benefits. By doing this, they can receive $4,873, which is much better than the aforementioned amount.