No matter what state in the United States we live in, retirement planning is always an essential part of getting the possible check from Social Security. If we apply for retirement at a particular age, we should know what advantages you have to do it at that time. Each retirement age has its pros and cons, so it is good to control all that information.
The minimum age to apply for retirement is 62 years old, as long as we have fulfilled one more requirement. However, that does not mean that we have to apply for retirement at that age. We can wait until 65, although we are going to see that there are also disadvantages to doing so at that age.
Regardless of the age at which we choose to retire, we should always have a good pension plan in mind. Remember that once we start collecting Social Security, it is very complicated to increase cheques. For that reason it is advisable to always maximize it from the moment we start working.
Main disadvantages of claiming Social Security at 65 years of age
It must be said that each individual has his or her own reasons for claiming Social Security earlier or later. Still, there are universal reasons to keep in mind. Social Security rules are the same for everyone.
- Age 65 does not mean Full Retirement Age. Although it is not Early Retirement Age, retiring at age 65 does not mean getting a full retirement. Through this type of retirement we will not get 100% of the Social Security check, so you have to watch out for this.
- Health can be worse. Just as we will not get cheque, we must also take into account that at 65 years of age our health may be worse than at 62. Therefore, we must take this into account when deciding whether we want to stop working earlier or later.
- It may be too late to increase our cheque. In addition to not being Full Retirement Age, continuing to work until age 65 may be late to get a large Social Security check. First and foremost, we must watch out very carefully what our retirement will be.
In addition to these disadvantages, there are many more that each person will have in mind. But what is important to remember is that we will not get 100% of the Social Security check by applying for retirement at age 65. Therefore, it may be better to apply earlier.