Retirementmight be quite close to you if you are retiring early at the age of 62 in 2023. At that age, you can start receiving Social Security benefits. Those who have saved quite a lot and their nest egg and assets are enough to enjoy retirement may want to retire early. Bear in mind that if you retire early, your monthly check will not be as high as those who retire at the age of 70.
The more you delay your retirement, the bigger your check will be. Figure out what works best for you in order to keep the balance between your financial situation and quality of life. The full retirement age could be either 66 or 67 depending on when your birth was. So, the first way to get more money in retirement is to wait a little longer to retire.
According to Social Security, the maximum age to get more money for retirement finishes at the age of 70. So it does not make much sense to work any longer for most workers. It is true that it will depend a lot on your profession. Some people are in the middle of very important research, which they may want to finish. Or they have gained knowledge about a subject that few or no people know about it, so it would be a waste of time and knowledge to give up by then.
What is the second thing you need to keep in mind to make money for retirement?
The next thing you should pay close attention to is the earnings statement you get yearly from Social Security. In order to see what your retirement benefits are going to be like, you may want to keep track of them. Unfortunately, Social Security Administration earnings statements may have mistakes. So it is your duty to check that everything is correct.
If you spot any errors to may want to report it to Social Security so that the amount you get for retirement is correct and fair too. Imagine this statement does not have all your income, but just part of it. It will mean you will end up getting a lower benefit. If you happen to find an error, there is something you can do about it if it does not exceed the deadline.
You will have some time to deal with it. It is three years, three months, and 15 days beginning from the end of the taxable year in which it was paid. There are some things that can be corrected after that period though. Use your my Social Security account to correct those mistakes. If you prefer to talk to someone rather than do it online, you can always call 1-800-772-1213 (TTY 1-800-325-0778). Make sure you do as much as you can you get a higher retirementbenefit.