In the United States there is a problem with Social Security. This problem is its economic and financial deficit. This deficit is undeniable and in the following years the benefits will have serious problems. All benefits will have financial problems. Retirement benefits, disability benefits, blind benefits. No matter which one, all Social Security related payments will have problems.
Therefore, you have to always look for the best way for you to collect each month the amount you need to live in peace and tranquility. One of the best solutions to this big problem is to delay your retirement age. By doing so, you will collect more from Social Security every month, so you won’t have to fear cuts.
Benefits of delaying retirement until 68
You can request your retirement at age 62. With this retirement, you get an Early Retirement. With this type of monthly payment, you will receive about 80% of what you have contributed during your working years. If you wait and retire at 67, you will receive 100% of Social Security. The longer you wait, the better the monthly paycheck, but there is a limit.
If you wait until age 68 this means you work one year beyond your Full Retirement Age (FRA). Each year worked after the FRA, the Social Security Administration will add an additional amount of money to your monthly retirement check. You can do this up to age 70, since after that age you will not get any further increase. In this way, you can get a larger retirement and, therefore, you will be able to face the shortfall in a more comfortable way.
Is it mandatory to delay retirement?
One of the big questions asked by people who will be retiring soon is whether it is mandatory to delay retirement. It is not mandatory, but it is advisable for the reasons given above. In any case, you should take into account your financial activity and your financial situation. If you have extraordinary income in addition to your Social Security pension, you may not need to wait for the FRA to start enjoying the break.
To find out the approximate value of your retirement, the government makes a Social Security calculator available to everyone. With this calculator you can find out what your retirement check will be when you retire. The figures they give are not exact, but they are very approximate, so it may be a good idea to check using this tool before you apply for retirement.
