All United States citizens who have reached age 62 or older can apply for Social Security retirement. The amount of money a person receives depends on two main factors. These are the income during the last years of work and the age at which this type of benefit is requested.
For this reason, each person is unique and receives an amount of money appropriate to these parameters. Taking this into account, we can know what is the amount we will receive if we decide to start collecting Social Security retirement benefits at 65 years of age.
Since it is important to know these numbers, we are going to go little by little looking at all the details and all the requirements you need to ask for Social Security at age 65 and know the amount you will receive.
Amount of money received with Social Security at age 65
The factors of the final amount received when we apply for Social Security retirement are two. The first of these factors is the amount of money received when we were working. The worker’s salary directly influences the retirement pension, so you have to take this into account.
On the other hand, the second factor to consider is the age at which you ask for retirement. If we ask for retirement at age 65 we are going to receive more money than if we do it at age 62. The later we ask for retirement, the higher the amount will be. 62 is the minimum age to apply for retirement, although we will not receive 100% of the benefits.
The highest age at which you can apply for retirement is 70, although this will result in the money received month by month being much higher. At age 65 you receive about 87% of the total amount.
How to receive 100%?
To receive the full amount of Social Security retirement pay it is necessary to apply for this benefit at age 67. From that moment on we can start receiving this benefit at 100%.
Another option, already mentioned above, is to continue working until the age of 70. If we do this, each month worked will increase the total amount to be received. Also, we will have greater benefits to achieve a more peaceful and comfortable retirement.