Depending on the age you file for Social Security retirement benefits, your payment amount can be higher or smaller. Early filing means having more free time to have fun, but less money to spend.
However, if you have made wise investments and have achieved a large nest egg, you could happily file for Social Security at 62. April 10 will be the next payment date for retirees aged 62-70 and older.
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SOCIAL SECURITY & MAXIMUM PAYMENT AMOUNTS ON APRIL 10
The largest retirement benefit will be for those who file at the age of 70 who can get up to $4,873. This large payment is only for high earners who got the taxable maximum for 35 years and delayed retirement.
Full Retirement Age is another great filing age. Those who receive the largest benefit at this age can get up to $3,822. Do not forget that early retirement reduces your check by 30% and late increases it by up to 24%.
Filing at 62 can give you a Social Security check of up to $2,710 on April 10. If you do not qualify for a payment on April 3, it is because you got benefits after April 30, 1997.
APRIL 10 AND PAYDAY ELIGIBILITY
No one can get Social Security without having filed. Once you get the approval, your payments arrive on a specific date. This date is arranged using your birth date.
For example, if your birthday is from the 1st to the 10th of any month, your Social Security will be in your bank account on April 10. That is, on the second Wednesday of this month.
If you are on SSI because your check is too low, you will get your Social Security on April 3 instead. Other payments will take place on April 17 and April 24, birthdays from 11-20 and 21-31 (following the same order).