This lesson is important for people over 62. If you were born in 1962, you will be old enough to apply for Social Security retirement benefits in the United States.
This way, you could start getting extra money from Social Security in addition to your retirement savings and wages. They will be sent once a month, and thanks to COLA, they will go up when prices go up.
Were you born in 1962? Apply for Social Security if eligible
When you retire, you can get up to $2,710 a month from Social Security. On the other hand, people who retire at age 62 get a check worth about $1,300. If you want to get retirement benefits, you have to be at least 62 years old and have worked for at least 10 years.
You have gained the 40 work credits you need after ten years of work. Remember that every year you can only get 4 work points. That’s why you had to work for ten years to get it.
As prices rise, so does the amount of money you need to earn to get one work point. From $1,640 in 2023 to $1,730 in 2024, you’ll need to make more money to get one charge.
How and when to apply for retirement
There is an online form you can fill out to get retirement benefits. To apply for retirement, all you have to do is go to https://www.ssa.gov/apply and check the box. After that, click on “Learn how to apply” further down the page.
SSA tells workers to plan ahead and think about when they’d like to start getting retirement payments. Don’t forget about Medicare if you are 65 years old. Next, click the button that says “Start application.” You can also make an appointment by calling SSA at (800)325-0778 or (800)772-1213 if you are deaf.
Watch out 62-year-olds! If you wait until age 62 to start getting Social Security retirement payments, you will get 30% less. So, if you can keep working, it would be smart to put off retirement. This way, when you reach Full Retirement Age, you can get all of your benefits, plus an extra 24% at age 70. Don’t forget:
- think about the month you want to start getting Social Security
- do not forget about Medicare
- filing early means getting less money
- check your payment amounts by age using a Statement
Also See:- Social Security says it will not pay SSI until October 2024. Here’s why