The age at which people become retirees is a very important time for all citizens of the United States of America. The timing of the Social Security check largely determines how much money we will collect each month. Each year, the average retirement check is calculated based on the amount of all current checks. Asking for payment at 62 or 67 is not the same, and the average for each age changes a lot.
In this sense, keeping in mind that we can wait a little longer to have a larger retirement check is fundamental. We can retire from the age of 62, yes, but this will not give us a good benefit. In any case, each case is totally unique, so the decision we make should depend directly on your personal situation.
Still, what is undeniable is that getting a larger Social Security check always brings advantages. But if we can’t get the bigger retirement check we should at least maximize our chances. We always have the opportunity to be close to the average benefit, no matter what age we retired. And if we don’t get the average benefit it’s okay, since each check is totally unique and individual.
Average Social Security benefit for 62 and 67 year old retirees
Every month the average Social Security benefit changes a little. While it is true that it is not an excessively drastic change, it is normal for it to change. The average benefit is calculated on the basis of all the checks that the Administration sends out.
For that reason, we can say that the average check for 62-year-old retirees is $1,274.87 per month. On the other hand, that of 67-year-old retirees is $1,844.83 per month. The difference is very large between both figures, since we find around $600 difference between both retirement ages.
Therefore, we can say that it is worth waiting a little longer, although it all depends on each individual situation. Each year, this changes slightly due to the COLA, so we find that the average will be a little different in each month. In general, the gap between check for retirees at age 62 and age 67 will always be very large, so we should keep this in mind when planning our retirement.
How can I maximize my pensioner’s pension at age 62?
In order to reach the highest possible figure at age 62, we must take two aspects into account. The third aspect, the retirement age, is that we cannot change it if we retire at that age. Remember that applying for Social Security at age 62 means losing 30% of the money we have contributed as workers.
In this sense, in order to reach the highest possible figure we have to work a minimum of 35 years. After that we can become one of the retirees. Likewise, it is also necessary to have had a very high salary during all those years. Although it is true that we will never be able to reach a check as if we retire at the age of 67, we can have a good benefit.
Similarly, saving before applying for a Social Security retirement check is also advisable. All the money we can save is good for a better retirement and to enjoy the golden years as much as possible.