Getting Social Security Retirement checks as soon as possible is the main goal of many Americans. However, you may need to take several things into account before considering retiring. On the one hand, it is necessary to know the approximate amount of money you may need. It will depend on many factors though.
Like having a mortgage or not. If you have no idea of that amount, you can always use the Social Security Administration or SSA quick calculator. Then, you will have to find out what your Full Retirement Age is because there have been changes in recent years. Not everyone can retire at the same age so far.
If your birth was in 1960 or after that year, you can reach FRA at the age of 67. Having a good nest egg for example. Or else other sources of income may allow you to retire early. As early as 62, which is what many seniors are dreaming of. However, if you are reluctant to retire for whatever reason, you can delay it until you are 70.
What are delayed Social Security retirement credits?
Social Security provides those who do not claim retirement benefits with credits. This financial advantage will be for those who keep working after FRA. It could be at the age of 66 and four months if your birth was in 1956. It keeps increasing for two months per year until 1960. According to AARP an 8 percent increase per year is the raise Social Security beneficiaries will get.
Bear in mind that delaying it for three years will increase your Social Security retirement benefit by 24%. This monthly payment will be much higher and you will be able to face soaring inflation and skyrocketing prices. Nonetheless, working after age 70 does not make much sense. It will not increase your benefits, so there is no point in delaying retirement.
Can I increase my benefits if I have started getting them?
Yes, you can suspend your benefit but you will have to contact Social Security. Once you stop getting your benefits and carry on working, you will start getting your delayed retirement credits. In this way, you will begin increasing your retirement benefit. It will work the same way as if you had never collected them.
Thus, you can only do it if you are between the Full Retirement Age and the age of 70. There are some retirees who are finding really hard to make ends meet, so they have decided to go back to work for a while to increase them. Anyway, you can always contact your local Social Security office.
Why not use an SSA locator? It will allow you to do so in just a few simple steps. All you need to know is your ZIP code and click on locate on the Social Security Office Locator main website. Nevertheless, you will certainly be able to find out all sorts of information online and you do not need to move from your home.