In any of the United States, the timing of choosing a retirement age is key to having a good Social Security check every month. It is not only the monthly check that depends on the age we choose to retire. There are other elements, such as citizenship status and years worked, that greatly influence the final decision.
That is why we have to watch out when choosing the age at which to retire. It is not the same to apply for a Social Security check at age 62 than at age 67. Even though there is only 5 years difference, the monthly amount can be totally different. So before making a final decision, all Americans should check the status of their benefit.
If we have all the information we will be able to make a better decision. It is not possible to get a good monthly benefit without prior planning. In this regard even if our check is small we should watch out that we can afford all the payments. It does not matter if we apply for a small benefit as long as we have planned everything in advance.
The best age for a retirement check
Every citizen should choose the best time to get a retirement check. The age at which we apply for the payment is key to having a better or worse retirement. However, we must look at both the good and bad things about choosing an age to apply for Social Security. Once we know the positives and negatives, we can decide when we want to retire.
Early Retirement Age or check at 62.
Early retirement is at age 62. This is the minimum age to apply for an age retirement benefit in the United States. The advantage of applying for the check at this age is that we will have more time to enjoy it. In addition to that, our health is likely to be better at this age.
However, on the negative side we find that we will lose 30% of the benefit we have contributed. In this sense, a benefit of $1,000 would become only $700. This can be very negative financially, but if we save while we work we can make up for this lack of monthly money.
Retirement at age 65
The age of 65 is a very common age for retirement. This is because it coincides with the age at which we can apply for Medicare. And that is one of the great advantages of having retirement at this time.
While it is true that we will lose a percentage of the monthly check, having help with medical expenses can be very convenient. On the other hand, on the downside we find that it could be too late for many people.
Retirement check at 67 years of age
This retirement age is called Full Retirement Age. When we apply for check at age 67 we will get 100% of the money we have contributed as a worker. If we add to this the use of Medicare from the age of 65, the monthly money can be much higher than if we retire at the age of 62.
The biggest problem is that we will have less time to enjoy our golden years. Still, the monthly amount of money can make up for a lot if we choose this retirement age.
Retirement at age 70
After age 70, there is no benefit in the monthly check. Therefore, this is the last convenient year to apply for retirement. Reaching this age is the only way to reach the maximum $4,555 in 2023.
Ultimately, the final decision is up to the individual citizen, but for many, age 70 may be too late. The general advice is to have a good retirement plan and think about when to apply for a check very early on.