As Americans continue to struggle with the rising cost of living, choosing the right time to apply for benefits of the Social Security It has never been more important. The benefits of retirement of Social Security are calculated according to how long you worked, how much you earned and when you started collecting them. Those who request their benefits At the earliest retirement age, which is 62, they get a reduced monthly payment, while those who wait until age 70 see a higher amount.
The data of the Administration of the Social Security show that the majority of people apply for benefits before reaching the age of retirement complete, but experts indicate that this decision will depend on several factors such as the person’s health, their financial situation and their marital status. “There is no perfect age, it is very specific for each individual, couple and family,” said Martha Shedden, president and co-founder of the National Association of Registered Medicine Analysts. Social Security.
When Can I Receive My Full Retirement Benefit?
To receive 100% of the benefit to which you are entitled, you must wait until your age of retirement complete. That age varies depending on the year you were born. For those born before 1954, the age of retirement full age is 66, and then increases gradually for people born between 1955 and 1960. Anyone born in 1960 or later can receive their benefits complete at 67 years old.
If the question is:How much Social Security you will receive if you request your Social Security, do we have the answer? You can start collecting benefit of the Social Security from the age of 62, but that has a price, those people who apply before reaching the age of retirement complete see their benefits of each month, permanently reduced depending on how early they apply for their retirement.
How Much You Will Receive According to Your Retirement Age
Let us assume that the age of retirement in full life of a person is 67 years. You can start receiving benefits at 62 years old, which is 5 years earlier, but his benefit monthly would be decreased by approximately 30%. That means that a benefit from $1000 would be reduced to $700.
The benefits For those who are in a relationship, they are also reduced when one person applies for the Social Security previously. According to data from the Administration of the Social Security, the benefit of retirement per month, average for people aged 62, was $1,275 in the month of December 2022. If we make a comparison, the retired 67-year-olds earned $1,844 a month on average, about $7,000 more a year. You can use the Administration’s calculator Social Security to give you a general idea of the monthly payments you can receive, based on your age and income.
What Happens if I Delay Receiving My Social Security Benefits?
Those who wait until after the age of retirement complete to start receiving the benefits receive an increase based on the time they are late, the increase is called credit for retirement delayed and is equivalent to an increase of 8% annually that a person waits to apply for the benefits between the age of retirement complete and 70 years old.
For example, there is a person who is eligible to retire completely at age 67, you will receive an 8% raise each year you wait to claim benefits. Benefits, until reaching 70 years of age. That means you can earn up to 124% of your benefit full if you delay the application until you are 70 years old.
