After working many years in the United States of America, any citizen is entitled to retirement through Social Security. This retirement has many benefits and it is good to know them all in order to be able to decide when is the best time to apply for retirement. Social Security makes available to all individuals and their families the benefits that we will see below.
These retirement benefits with Social Security depend on the money that the citizen has earned during the last years of work. The family can also benefit from this retirement. Therefore, it is a good idea to know all the information available before applying for the retirement years.
Among these benefits of retiring through Social Security we can see that we will receive money month by month without the need to work. In addition to this, it is also possible to receive these Social Security benefits abroad, so we can live abroad and collect retirement pay with certain exceptions.
Three main benefits of retiring with Social Security
These three benefits are very clear and important. The first of these benefits is that we will be able to collect an amount of money month to month to be able to live on and pay our bills.
The second of these benefits is that we will not need to work. Thanks to this Social Security benefit, we will be able to have time to rest and to do the things we like to do.
Finally, another benefit is that we can receive Social Security retirement pay and live abroad. This means that we can travel and live anywhere in the world, although there are some exceptions, so it is best to check any questions with the state offices.
The benefits depend on the years of work and the age at which we request to receive the retirement benefits with the Social Security, so it is also important to know all these details that we will see below.
When are Social Security retirement benefits best?
The time at which we decide to apply for Social Security retirement is important. The benefits we get are very different if we apply earlier or later. The minimum age to do so is 62 years old. If we apply for retirement at this age, we will not collect 100% of the total amount.
On the other hand, applying for retirement to obtain Social Security benefits at age 67 is the best option for most people. With this option, we will receive 100% of the money we are entitled to. The final amount depends on the money earned during the years of work.
The last option is to claim retirement at age 70. This is called “delayed retirement” and increases the benefits earned in Social Security. There are no extra benefits working after this age, so it is better not to delay retirement any longer.
