Achieving the best possible check from Social Security is a time-consuming task. In the United States, this figure reaches $4,555 per month. For a normal life, this amount is more than enough if we take into account the monthly expenses that Americans usually have. But it is true that getting such a large Social Security check is not something that is within everyone’s reach.
Getting a big check is possible, especially if we know how to do it. It’s different if we want to get the biggest check possible. Even so, whatever check we get, we must take into account the planning if we do not want to lose money. In the case of not knowing what the rules are when applying for retirement we could lose up to 30% of the money we have contributed.
To avoid this we only have to, as we have already mentioned, know the rules. If we take these rules into account, we will be able to know perfectly what our amount will be. At least, we will know an approximation and we will have in mind that the check will not suffer a very big discount.
How to secure the best possible check for retirement?
The key to be able to obtain the best possible check of retirement passes through the retirement age. This element, along with years worked and salary as an employee, shapes the final benefit check.
Depending on the retirement age we choose, the Social Security Administration will subtract more or less money from our final check. So pay attention to these three common retirement ages.
Retirement at age 62
This retirement age is the minimum age to apply for Social Security. If we have worked a minimum of 10 years, we can apply for check with no problem. However, applying for retirement at this age means that we lose 30% of the money we have contributed.
This means that if we have contributed a check for $3,000 per month, $900 disappears, never to return. So we would end up with a payment of $2,100 per month. There is a big difference between these two payments.
Applying for retirement check at age 67
When we do this we are reaching the optimal age to not lose money on our retirement money . Requesting payment at age 67 means we will get 100% of the money contributed.
The closer we are to age 67, the smaller the discount. This means we can apply for check from age 62 to 66 and 11 months, but we will get a discount. That discount on the check will be less each time we get closer to the age of 67.
70 years to retire
The only way to reach the maximum retirement money is to apply for Social Security at age 70. By waiting until this age, we will be able to get the $4,555, if we have contributed enough.
Unlike applying for a check before age 67, applying after that age adds much more money to our monthly benefit. So if you want to have a good check, remember to delay your retirement age as much as possible.