If you file at 62, the earliest Social Security allows workers to do so, you will get less money than older retirees. There is a simple reason to it and that does not mean your payment must be low.
Social Security could reduce your monthly benefits by up to 30% if you file at 62. This is because you can only get 100% of your benefits if you file at Full Retirement Age.
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WHAT IS THE MAXIMUM SOCIAL SECURITY AT 62?
The Social Security Administration revealed that after the 2024 COLA increase, the largest retirement benefit at 62 this year is worth $2,710. If compared to the maximum benefits at Full Retirement Age or at the age of 70, you can tell there is a big difference.
A retiree who qualifies for the largest check at 70 can receive from the Administration up to $4,873. If you opt for late filing, you can take advantage of a reward of 24% more per month.
What is more, you will have extra time to save money for retirement. This will come in handy if you have neglected your retirement savings accounts like IRA or 401(k).
HOW CAN RETIREES RECEIVE MORE MONEY AT 62 FROM SOCIAL SECURITY
Fair enough if you would still file at the age of 62. However, it would be wise to take into account three tips. In the first place, do not forget to pay payroll taxes and have jobs covered by SSA.
Moreover, make sure you check your employer pays the right amount of money for the work you do. Mistakes can be reported and corrected to Social Security for some time.
Finally, it is essential to work for thirty-five years and to have a large salary. The more you earn, the more you pay to Social Security to increase your future payment. Working fewer years also reduces your monthly payment.