Throughout the United States, federal help from the Social Security Administration comes in handy. This ensures that millions of Americans can live on a Social Welfare that facilitates retirement and rest in the golden years. Even so, there are many citizens who delay their retirement as long as possible.
The minimum age to obtain a Social Security retirement benefit is 62, as long as we have paid the appropriate payroll taxes. If we meet the requirements of having worked for 10 years, we can apply for social insurance at age 62. However, this will cause us to lose part of our payroll taxes during our working years.
Social Security benefits depend largely on three factors. These factors are retirement age, years worked and salary during those years. For that reason, this federal help is so different among different citizens.
Taking these elements into account, it is possible that choosing age 70 to apply for retirement is a good option. However, it should also be remembered that social and personal welfare may not be fulfilled if we wait too long. In the case of wanting to wait until the age of 70 to apply for Social Security, there are a few tips to keep in mind.
Tips for 70 old-age seniors before getting Social Security
Retirees thinking about applying for the Social Security retirement benefit at age 70 should know that they will have a good benefit. Therefore, we are looking at the largest possible benefit for a United States citizen. Payroll taxes during the working years will have a positive influence on this check.
However, getting the largest possible check, $4,555 in 2023, may not be enough for a U.S. citizen. If we have made it to age 70 without claiming this benefit we should keep a few tips in mind.
- Apply for the largest possible federal Social Security help. To do so, it is not only necessary to wait until age 70. It is also mandatory to work for 35 years if we want to get a good Social Security check.
- Watch out for your health. While it is true that from the age of 65 onwards we have access to Medicare, not all citizens reach the age of 70 in the best possible health. We have to watch out for our health to enjoy our golden years to the fullest.
- Eliminate debt. Whether we have an old-age benefit, disability Insurance or any other Social Security check, we must eliminate debt. This advice is general, but very important for retirees in their 70s. The goal should be to become debt-free when we start collecting the benefit.
With these three tips, our Social Security check at age 70 should be enough to live as well as possible. With no debt, good health and a big check, retirement will be the best we can have.