Social Security offers the possibility to get retirement benefits at the age of 62. That does not mean that you must file as soon as you can. However, it would be the best age to do so if you have saved enough money for many years, you are in poor health or you are not strong enough to do a tough job.
Anyway, it is always advisable to find out the approximate amount you could receive in retirement. The Social Security Administration has a couple of benefits calculators.
Nevertheless, it would be advisable to have a look at your annual statement. That is the best and easiest way to see possible amounts in retirement by age and even SSDI eligibility or survivor benefits for your spouse or children.
IS FULL RETIREMENT AGE (FRA)THE BEST TIME TO FILE FOR SOCIAL SECURITY?
Undoubtedly, a normal retirement age can be regarded as balance. The reason why many people file for Social Security at FRA is the fact that they get 100% of their benefits.
Remember that early filing means losing a lot of dollars. It will prevent you from earning thousands of dollars in just a few years. Hence, make sure you do not get an unnecessary and unwanted 30% reduction at 62.
As you may have worked for a few more years if you file at Full Retirement Age, you may have had more time to save money. Making as many contributions to your savings plans is essential.
Some people prefer to file at 62 because they will get more checks in retirement. The thing is many do not take into account inflation and exorbitant prices for food, services, and goods.
70 IS THE BEST AGE TO RETIRE IN 2024
If you have delayed retirement and you will turn 70 in 2024, this will be the best age to retire from a financial point of view. Do not file for Social Security after the age of 70 because your benefits will not grow more.
As a matter of fact, you can get 24 percent extra per month if you wait until you are 70 to apply for Social Security. For example, if your FRA is 67, you can get 8% extra each year you delay retirement.
There are many seniors who feel strong enough to carry on working until they are 70. What is more, you can go on having a good social life as you may meet colleagues and clients.
Many people who file for retirement early end up staying at home and do not engage in leisure activities. Anyhow, no one can decide for you when it is best to get retirement benefits. Sleep on it and plan it thoroughly.