In the midst of the year 2023, we are in turbulent and difficult times for the citizens of the United States. With so much inflation and so much stagnation in wages and Social Security benefits, it is common to think of the future as very uncertain. That’s why it’s good to think about how much you will get if you retire at age 67. Social Security changes a lot at 62 and 67, so having all the variants under control is a very good idea.
If you retire at age 67, you get Full Retirement Age. This means that you will have many advantages over an Early Retirement Age. On a monthly basis you will receive more money, although not the maximum you can get. The maximum in Social Security is over $4,000, if we are talking about an individual person. But claiming retirement at age 67 is not possible to get this figure.
How much will I get if I claim Social Security at age 67?
The key point here is to know how much money you have earned during the years you have worked. The average retirement benefit changes with this figure. If you claim Social Security at age 67 you are doing Full Retirement Age (FRA), meaning you will have 100% of the money you are entitled to. There are no cuts within the FRA, so don’t worry, as you won’t see a drop in your benefit.
To find out the exact figure, you need to use a Social Security calculator. By entering your data on this government website, you will be able to know an estimated figure. It is not the final or official figure, but it is an estimate. Remember that in the case of applying for Early Retirement Age (at age 62), that figure will not be the final one, since you will have to take off between 20% and 30%, depending on each particular case.
How can I increase my retirement payment?
In this section there are three important sections that directly influence Social Security. The first is to work for at least 35 years. Each year not worked adds $0 to the SSA account, so it is not advisable to do this. On the other hand, a high salary is also important. The more money you earn, the more you will receive in retirement.
The last of the issues is to apply for retirement at age 62, age 67 or age 70. The difference between age 62 and age 70 sometimes results in more than 50% more money in each Social Security payment. But each individual situation is unique, so you must decide and do what is best for your life.
