Regardless of which State of the United States, the timing of applying for a retirement check from the Social Security Administration is very important. We must be very clear in our thinking if we are thinking about retirement. Good planning is everything when it comes to getting a good Social Security check.
Still, there is one element above the others that makes them seem a little less important. In any case, we must keep in mind that the three main elements that condition the Social Security check interact a lot with each other. Therefore, we cannot neglect any of these three elements, since together they determine the amount we will get during retirement.
The element that stands above the other two is retirement age, which causes us to lose a large part of our Social Security check if we apply for it too early. There are several ways to try to alleviate this situation, but more often than not we find that we will certainly have to spend retirement with a much smaller cheque. At what age are you planning to retire?
The importance of retirement age on the Social Security check
In order for us to have a clear idea regarding retirement age, we must first know what the minimum age is. In order to apply for a Social Security check, you must be 62 years old. This changes a little in special cases such as disabled users, but those specific cases are studied in a different way.
Knowing that the minimum age is 62, many retirees wonder if it is worth applying for a Social Security check at that age. It is true that each person has his or her own reasons for doing this, but we must keep in mind that if we apply for the cheque at age 62 we will get 30% less of the money we have contributed.
How to get 100% of the retirement?
If by requesting the retirement check at age 62 we collect only 70% of the money we have contributed, we should think about retiring a little later. In order to collect 100% of the Social Security check, it is necessary to retire at age 67. However, we can always wait a little longer and reach the age of 70 to get an even bigger cheque.
This way we could even reach the $4,558 maximum Social Security check in 2023. But we should keep in mind that to reach this figure we need to maximize the other two aspects. After age 70 there is no other extra benefit from the Social Security check, so it wouldn’t make sense to stretch the time.