Every United States citizen who is eligible for retirement can apply for his or her Social Security check at the age of his or her choice. However, there is a minimum age to qualify, unless it is a disability retirement. In the case of age-based retirement, the Social Security Administration does not issue a check until you reach age 62.
Therefore, after the age of 62 we can retire as long as we have worked a minimum of 10 years. In that case, we can apply for Social Security, although it is possible that the check in that case will not be too large. If we wait until the age of 67 we will have the Full Retirement Age. And that age is very good if we are looking to have a good retirement check.
But it’s not enough to just sit around at 67 and apply for Social Security. Apart from that we have to do several actions that will ensure us a big enough monthly check. Otherwise we may be in financial trouble. So pay attention to everything you need to know if you are thinking of applying for Full Retirement Age.
What do I need to know before applying for Social Security at 67?
The first thing we need to be aware of is how to set up a Social Security check. To do this, we’re going to look at the basic elements that make the retirement payment can be higher. In this case, we are talking about three fundamental aspects. The first one is the retirement age, which plays a fundamental role. The other two elements are the salary during our time as a worker and the years worked.
So, to get the maximum Full Retirement Age check of $3,627 per month you must take into account the two elements other than retirement age. On the salary side, getting the highest possible is critical. Ultimately, our monthly check will come out of taxes paid. So the more taxes paid, the better our monthly Social Security check will be in the future.
On the other hand, years worked is also key. To determine what our Social Security check is, the Administration takes the highest 35 years of salary and averages it. This average is used to determine the monthly retirement check. In the case of not working a minimum of 35 years, the check goes way down. This is because each year not worked below that figure adds $0 to the average.
Thanks to this information, you can now find out how to get an increase in your Social Security check when you retire at age 67. In addition, since retirement at that age is 100% contributory, we will not have to reduce our check at all. In the case of retiring before that age, each year will cause us to have a little less benefit.