The Social Security Administration sends United States retirees a new check each month. The amount of this new monthly retirement check depends on the individual American’s record. Therefore, we find that each check is totally unique.
While it is true that each check is unique, what is also true is that each of the Social Security payments has a maximum depending on the retirement category. Within these categories we find three main ones.
On the one hand, the Early Retirement Age category, at age 62. On the other hand, the Full Retirement Age, at age 67. Finally, the Late Retirement Age, at age 70. Applying for a Social Security check after age 62 is possible, but it means that the payment cannot reach the maximum amount.
Still, the maximum retirement check at age 62 may be sufficient for most beneficiaries. However, we should also keep in mind that not all retirees get to have such a large check. The entire Social Security payment depends on the individual American’s record.
What is the maximum Social Security payment in March for 62-year-old retirees?
The maximum figure for a retiree with an Early Retirement Age at age 62 is $2,710. Therefore, if we maxed out the check but applied for it when we were that age, our payment could reach that figure.
This does not mean that all retirees can necessarily have that amount. Each check is completely individual and unique. The maximum payment in all retirement categories is 4,873, but the same is true for the 62-year maximum. It is not attainable for all Americans.
Remember that if you apply for retirement at age 62 you will find yourself with a 30% reduction of the money you have contributed. So it might be a good idea to wait a little longer before filing for Social Security. This all depends on each individual situation.
If we wait until age 67 we will get 100% of the money contributed and if we don’t apply for Social Security until age 70 the Social Security check could reach the above mentioned figure.
However, the day of collection will be the same for each group regardless of the type of benefit or the amount. So if you belong to group 2 retirees, you will be able to collect the next check on March 13th.