You can apply for Social Security in the United States when you turn 62. But this is entirely optional and you are not required to do so. If you delay your retirement benefit, you will receive more money in your monthly payment. Therefore, if you remain a worker for more years, your monthly Social Security amount will increase. Each case is individual, so an exact figure cannot be known, although an approximation can be made using the SSA calculator.
It is true, however, that retiring later has its disadvantages. The only major disadvantage of retiring at 62, the minimum retirement age, is the reduction in the amount of money. However, retiring at 70, which is the age limit in these cases, has several disadvantages, although the monthly benefit payment increases considerably. In any case, remember that the limit in 2022 is $4,194 per month, although it is very difficult to reach that figure.
How much more do you have to wait to apply for Social Security?
At this point it is important to keep something in mind. The three basic ages to apply for Social Security are 62, 67 and 70. At age 62 you can apply for the benefit, but you will lose part of the money you contributed as a worker. Depending on your year of birth you can lose from 25% to 30% of the total.
If you apply for the retirement benefit at age 67 you will receive 100% of your benefit, but you can go further and increase your monthly payments. To do so, you must work after age 67. Each month worked will increase your final retirement amount a little. This way you can reach the maximum payment of $4,194.
What can I do to increase my retirement benefit?
To have a good rest after working so many years it is necessary to have a good Social Security. But there are three variants that we can control. The first of these variants is the retirement age, which can mean a change of up to 50% in the amount of the benefit in many cases.
The other two variants are the years worked and the salary during those years. The higher your salary, the higher your benefit will be when you apply. In addition to this, it is also vitally important to work at least 35 years. Each year not worked adds $0 to the average, which brings it down considerably. That is why it is very important to work all those years, even if it is at a better salary.