Retirement benefits can provide you with a monthly Social Security worth $4,873 in the USA 2024. However, this is only possible if you have worked for 35 years, earned the taxable maximum all that time and filed at 70.
Thus, many people are more likely to get a Social Security check worth $700 at 62. The maximum benefit at 62 is worth $2,710. That is $2,010 more than a person who receives $700.
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IF YOU GET $700 FROM SOCIAL SECURITY AT 62, THIS IS WHAT YOU COULD HAVE GOTTEN AT 70
A person who collects monthly payments of $700 at 62 could have gotten $1,240 from Social Security at 70. That is approximately 77% extra per month. So, this is too much money if you have not saved enough.
Can you afford to refuse $540 per month? That amounts to $6,480 in just one year. It is true that you would have to carry on working, but that will also keep you active and busy.
Other possible Social Security retirement benefits amounts are $750 at 63, $800 at 64, $866 at 65, $933 at 66, $1,000 at 67, $1,080 at 68, or $1,160 at 69.
FILE FOR SOCIAL SECURITY AT THIS AGE NOT TO GET A REDUCTION
The moment when you get no reduction is Full Retirement Age. This age depends on the year you were born says Social Security. For example, if you were born after 1960, your Full Retirement Age is 67.
Therefore, you would get $1,000 at 67 if you qualified for 700 dollars at 62. Reflect on it before you file for retirement benefits. Actually, you are saying goodbye to $3,600 per year if you file at 62, rather than at 67.
Early retirement means getting a 30% reduction compared to the Full Retirement Age. On the contrary, those who delay retirement by one year after Full Retirement Age get 8% extra.
That is why many Americans decide to file for Social Security at the age of 70. In this way, they can receive 24% extra from the Administration. Do not continue working after the age of 70, benefits will not grow anymore.