Filing for Social Security retirement benefits is not an easy decision. Once you reach your late 50s or early 60s you may still be doubtful.
Social Security claims that you can get up to $2,710 if you file for retirement at the age of 62. However, only a small percentage of workers achieve it.
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But why is it so challenging? As a matter of fact, your salary and the payroll taxes you pay to SSA matter. Average or low wages reduce your future retirement payment.
HOW CAN I GET A RETIREMENT CHECK WORTH $2,710 IN 2024?
To qualify for a Social Security worth $2,710 in 2024, you must first meet three key conditions. SSA will make sure you have worked for at least 35 years.
In the second place, you must have earned the contribution and benefit base all that time. Yes, earning the taxable maximum for 35 years is another requriement.
Then, if you meet these two conditions you must simply file. Of course, this is only valid for jobs covered by Social Security.
HOW MUCH DOES SOCIAL SECURITY REDUCE MY CHECK FOR FILING AT 62?
If you still believe that you should file at 62, be aware of the fact that it reduces your payment up to 30%. On the contrary, delaying retirement can make it grow.
For example, if you wait until you are 70, your monthly benefits will be 24% larger. It is true that you will receive fewer checks.
Filing at Full Retirement Age means getting what is yours, 100% of your benefits. So this age could be the golden middle way.