There are several ages to apply for Social Security in the United States. You can apply for an early retirement at age 62 or a full retirement age (FRA) at age 67. There is a third option, although not everyone is aware of it, which is to delay the retirement age until 70. Although many people do not want to wait that long, it is not mandatory to wait that long, but you can apply earlier and still get an improved Social Security benefit.
If you want your monthly check to improve a bit and thus have a richer retirement, you can keep working until age 70 or you can stop earlier. If you work until age 68, the benefits will also be higher and you will be able to enjoy two more years of retirement. The final age is up to you, but remember to notify Social Security in advance to avoid problems and delays. In short, applying for FRA or waiting a little longer can be very beneficial if you are able to continue working.
Why wait for FRA to collect Social Security?
The main reason to wait for FRA to collect Social Security is the amount of monthly money we will receive. You will receive 100% of your retirement benefit if you wait until age 67 to apply. But another aspect comes into play in this situation, that of delaying retirement a little beyond age 67.
Every year you work past age 67, your monthly Social Security check will increase. This means you could get a nice bump in money depending on how many years you delay retirement. Remember that the cutoff for doing this is age 70. After age 70 there is no extra benefit for our retirement benefit, so it doesn’t make sense to keep working longer.
The best age to ask for retirement
If you are wondering what is the best age to claim Social Security retirement, there is no right answer. Each person is individual and circumstances are special for everyone. If you think you will need to take a higher retirement, it is best to wait an extra year or two after age 67. If you think age 67 is enough, you can apply for your benefit to enjoy it longer.
In any case, using the Social Security Calculator is a good way to get an approximation. This data is not final, but you can get a rough understanding of how much money you will collect when you retire. Remember that the minimum age to apply for retirement is 62, although you will not receive 100% of your benefit. In this case, you will be able to enjoy your money longer, so it all depends on the approach and the point of view you want to give it.