The year of retirement is a fundamental piece of the Social Security puzzle in the United States. This type of benefit depends a lot on the age we are in the year we apply for it. It is usual for there to be four ages to apply for it: 62, 65, 67 and 70.
However, from the age of 62 it is possible to apply for the check. It is not necessary to wait until one of these ages to apply for retirement in the United States. Each citizen should apply for his or her benefit in the year he or she prefers and that is most convenient for him or her.
Even so, there are some ages that seem more convenient than others for retirement. And this decision can greatly affect the monthly check that we will receive from the United States Administration.
It is impossible to reach the maximum amount unless we wait until the age of 70, for example. For that reason, many citizens cannot apply for retirement at age 62.
Ages to apply for retirement in 2023
It is important to remember that each citizen must apply for a Social Security check at the time he or she deems appropriate. There is no set age, although there are minimum requirements and a minimum age.
If we take this into account, we will have an easier time deciding our retirement age. In order to apply for a Social Security check we have to meet two basic requirements:
- Be at least 62 years old.
- To have worked for 10 full years.
With these two requirements fulfilled, we will be able to apply for a check at one of the following ages.
Applying for Social Security at age 62
The maximum retirement check at this age in 2023 is $2,572 per month. However, if we have a good pensioner plan, it may be enough. The final decision is up to each individual, but age 62 can be a good age to retire if we have savings.
Retirement at age 65
Meanwhile, the maximum retirement check at age 65 in 2023 is $3,279 per month. This is quite a bit more than at age 62, but remember that you have to work for 3 more years to get this payment.
Full Retirement Age at 67
Citizens who wait until age 67 can get a monthly payment of up to $3,627 every month. That’s a pretty hefty payment. Still, it may not be worth it.
The final decision is up to each citizen, but working until age 67 seems like a lot of effort for so little ultimate benefit.
At 70 we get the maximum
After age 70 there is no extra benefit for Social Security. So if we reach this age and are still working we should think about applying for retirement.
The maximum check achieved at this age is $4,555 per month. While this is a huge amount, it may not be worth waiting that long to start the golden years.