In the United States, people can start applying for Social Security at age 62, but this can be a mistake. Each case is totally individual, but people may very well need benefit help to understand what happens to their benefit. In addition, it must also be understood that all the elements that make up the final payment are equally important.
In this sense, retirement age matters in Social Security, but it is not the only thing. For that reason, it is important to take into consideration that the other two factors must be increased. If we plan to apply for retirement at 62 years of age, maximizing the other two variants is of very high importance. However, there are also other elements not related to the monthly amount that must also be taken into account. And many beneficiaries make these mistakes repeatedly.
These mistakes are very common, but the advantage is that they are easy to correct. The best way to avoid these big mistakes is to know them perfectly. Even so, don’t worry if one month you have made the mistake, because in the future you will be able to fix it so you won’t do it anymore. The most important thing in these cases is that your Social Security check be as large as possible at the time of retirement.
Mistakes when applying for Early Social Security
These mistakes are very common when people apply for Early Social Security. That’s why it’s best to be aware of them before applying for retirement benefit. Beneficiaries make more mistakes, but these are the most common ones.
- Spending too much. If you plan to apply for Early Social Security Retirement, control your spending. You can’t spend too much before or after you apply for the retirement benefit. You can use an SSA calculator to get an approximation of what your next retirement will be, so you can do the math.
- Not planning for a long life. A large number of U.S. citizens do not plan for a long life and that is a bad decision. You may have a long life and not having savings and a good retirement will spoil this part of your life. Therefore, plan very well every detail before you start collecting Social Security.
- Retiring too early. The minimum age to start collecting Social Security in the United States is 62. But that doesn’t mean you have to retire at that point in your life. You can apply for retirement at 65, 67 or 70. After 70 there is no attorney advantage, so it is advisable not to wait any longer.
Therefore, don’t make the mistakes of spending too much, not planning for a long life and retiring too early. Calculate your future benefit very well and keep in mind that you might need it for many years. A side job or a source of extra income could be a good solution to supplement your Social Security.