The age to apply for retirement in the United States is a mystery to Social Security users. While it is true that we are sure there is a minimum age to apply, it can sometimes seem insufficient to apply at that age. These rules change a little in the sense of Social Security disability, since they do not have the same minimum age to apply for it.
Still, knowing that at age 62 we can apply for Social Security doesn’t solve anything, quite the contrary. Americans may be confused by this information, since many think that it is mandatory to do so at that age. Nothing could be further from the truth, since it is even inadvisable to apply for retirement at age 62.
But there is something we should always keep in mind. Everyone has a different perfect age to apply for Social Security. Each personal situation is totally different and it is possible that 62 is the best age for many citizens. Each case must be studied on a completely personal basis, as it is an individual matter.
What is the best age to apply for Social Security?
Let’s see what the characteristics are when applying for Social Security at different ages. The final answer to the question must come individually for each citizen. Each American must decide what is his or her ideal time based on knowing all the details.
- Early Retirement Age. This is the minimum age for retirement, at 62 years of age. It may be tempting to retire at this age, but keep in mind that the Social Security check will be 30% lower than what we have contributed. Other than that, there is no downside.
- Full Retirement Age. We can apply for this check starting at age 67. The final monthly payment will be 100% of the money contributed as a worker. This is the biggest advantage, besides the fact that we already have access to Medicare at this age. The only negative part is that for some it may be too late.
- Late Retirement Age. Age 70 is the cutoff for increasing the Social Security check. If we apply for the benefit at this age we could get a check of up to $4,555, which is the maximum in 2023. The only downside, as with Full Retirement Age, is that we have to wait a long time to get it.
In addition to this, we must take into account that we can apply for retirement also at the other ages. That is to say, it is not mandatory to wait until 67 if we are over 62 years of age. We can ask for our Social Security check at 63 if we are ready for it.
It is also important to remember that it is necessary to work for at least 10 years to claim any of these benefits. But we must also remember that to get the best possible check we must work for 35 years with a good salary.