While the Social Security Administration warns of the reductions you can get when you file at 62, it also rewards those who delay retirement. Filing at 62 means receiving monthly payments for longer. However, it also implies that you will receive 30% less per month.
This is something many workers do not know and regret when they cannot make ends meet in retirement. Forgetting about soaring inflation, medical expenses, and other hidden costs is something common. The Full Retirement Age (FRA) is when you get 100% of your Social Security benefits.
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Which Social Security applicants can get 24% in retirement?
As a matter of fact, if you file at the age of 70 in 2024, you will receive 8% extra per year after FRA. Therefore, it makes a total of 24 percent in just 3 years after the Full Retirement Age.
Thus, only those who delay retirement until they are 70 can benefit from this Social Security reward. Bear in mind that it may have advantages and disadvantages.
The main disadvantage is that you will have to continue working for 3 years. On the contrary, there are many advantages. Seniors who delay retirement will get more money, will have a better financial situation, will be more active, and will have a better social life.
What is the maximum Social Security benefit at 70?
The Administration announced that the largest Social Security payment will be worth $4,873 in 2024. However, this is a rarity or a marvel. Bear in mind that the SSA has set very strict requirements to get it in 2024.
Comparing the average payment of $1,916 to the $4,873 maximum benefit, you can see that it will be very unlikely to achieve it. For your information, you must have filed at 70 and earned the taxable maximum for at least 35 years.
That implies you have worked for a minimum of 35 years and that you had jobs covered by the Administration as well. Filing at 62 means you can only get up to $2,719 and $3,822 at Full Retirement Age.