Retirement in the United States is possible at age 62. Despite this, the Social Security Administration has different rules for people with disabilities, as they can apply for retirement earlier. If you are thinking about applying for early retirement at age 62 you need to know that there is a limit to the check you will get from Social Security.
The full retirement age is 67, so you can’t get the maximum benefit if you retire at 62. But you can maximize your benefit with Early Retirement Age. Getting the most money possible with Early Retirement means getting up to the $2,364 per month figure. This is a good figure to live on in many United States cities.
Lower the minimum Social Security retirement age
The basic rule for maximizing Social Security is to apply as late as possible. If we consider that we want to omit that rule in our plan, we must modify the rest of the factors. Thus, we should do the following to achieve maximum Social Security in 2022 by reducing the retirement age:
- Work as many years as possible. This factor is critical to getting a large Social Security benefit. If you apply for retirement at 62, you will see a 30% reduction, so you have to maximize the years worked factor. Every year not worked under 35 adds $0 to the average benefit, so keep that in mind.
- Earn a good salary. Getting the best possible salary is the other fundamental value for maximizing retirement at age 62. The more taxes you pay for your job, the more money you will earn as a retiree. There is a limit to this, but that limit is $147,000 per year, which is not affordable for everyone.
Therefore, in order to get to lower retirement age and still collect a good benefit you must take these two factors into account. However, if you can wait until age 67 to apply for Full Retirement Age, you will get a better monthly amount. Finally, delaying your retirement until age 70 will give you a much higher Social Security. If we add to this the two elements we have seen before, we can get up to $4,194 without any problems.
In any case, you can always look for a source of extra income to help you pay all your bills without the need to wait longer for retirement. You can also continue working, although you should watch out for the number of hours limit while collecting Social Security.