What amount of money you get from Social Security may change based on when you apply for it. You will be able to get checks or direct deposits from the Agency when you turn 62.
To get these monthly payments, you must have worked for at least 10 years and earned the required 40 work credits.
Just so you know, you can start getting Social Security retirement benefits at age 62. No matter what, you will still get a big discount. For every month you pay, SSA will take about 30% of it.
Social Security: 62 vs 67 vs 70
That is the best way to understand the difference between filing at 62, 67, or 70. Say you file at age 62 and are eligible for a $1,465 retirement benefit payment. If you had waited until age 63, you could have gotten a cheque for about $1,569 instead.
In the event that you had chosen to wait until you were 67 years old to start getting Social Security, your monthly payment would have been $2,119. That’s like saying chickens are the same as ostriches.
Without a doubt, the payment at 67 will be great, but the bill at 62 will be very disappointing. In the United States, a difference of $654 per month could save the lives of many retirees.
It’s time to find out what kind of boost you could get if you earned credits late. You already know that a cheque at age 62 worth $1,465 could be worth $2,119 if you filed at age 67.
You can get up to 24% more each month from Social Security if you wait to file for 3 years after you reach Full Retirement Age.
If you file at age 70, you’ll get $2,634. Again, you can’t compare amounts at 62 and 70 from a money point of view. That will cost $515 more than applying for Social Security at age 67.
By filing 8 years later and adding up $515 and $654, the extra money from Social Security would have been worth $1,169 more.
Of course, this is only for people who are healthy and strong enough to keep working. Also, some retirees might not need this money to live, so there’s no reason to file at age 70.
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