Applying for a Social Security retirement benefit is a very important step for United States citizens. On this decision depends the rest of the payments the retiree will receive in the future. That is why it is vitally important to know all the details behind applying for the benefit at one time or another. Fortunately, the Social Security Administration lets us choose the time we prefer. But in order to do so, it is necessary to know whether it is better to request retirement at 62 or 67 years of age.
In general, it is important to know that each case is totally unique and personal. Thus, all Social Security users must consider their case from a unique point of view. After knowing all the facts you will be able to choose and decide which is the best option for your particular case. Let’s see what the differences are between applying for retirement at age 62 or at age 67 to have the maximum knowledge before making your choice.
Social Security retirement at 62 years of age
Among the advantages of applying for Social Security at age 62 we find that:
- You have more time to enjoy retirement.
- Your health will improve greatly thanks to rest.
- You will rest much more.
- You will have more time to travel.
On the other hand, among the disadvantages of retiring early we find:
- You will receive less money, about 70% of the total that belongs to you.
- You will not have access to Medicare directly, since you have to wait until you are 65.
- Some people may get bored out of work.
With this information, we now know whether early retirement fits us or not, but it is not the only option we have if we want to apply for Social Security.
Applying for SSA retirement benefits at age 67
Another mode of Social Security retirement is at age 67. At this age, the financial benefits are very high, but not all are advantages. Let’s take a look at those advantages:
- You will receive 100% of the money contributed. This means that you will not have cuts in your benefit.
- You will have direct access to Medicare. From the age of 65 you will be able to enjoy Medicare, so you will be able to save good money in medical bills.
- You will be able to save more money.
But we also have disadvantages to filing for retirement at 67:
- Your health may not be the best at this age.
- You won’t have as much time to travel.
- Your energy may be low after so many years of work.
With all this information, the conclusion one could come to is that everyone should decide what is best for them. It doesn’t matter if you decide to apply for Social Security retirement at 62 or 67, the important thing is that you do it because you really want to. After retiring, it is time to rest, so enjoy your well-deserved years of rest.
