One of the best things about the United States retirement system is that a citizen can apply for Social Security at various points in his or her life. Getting a monthly check is possible starting at age 62. In addition to that, we have to take other requirements into account. But with respect to age, the minimum number of years is 62.
This is not so in the case of having a disability. And that is because the disability benefit is totally different. But in the case of retirees for 62 years, as happens with the rest of ages, we find ourselves with a maximum monthly check. This payment cannot be increased once we apply for Social Security.
To tell the truth, it is possible to increase the benefit a little, but it is not usual for this to happen. The factors that make up a monthly Social Security retirement check are usually very specific. So when we apply for the check, we find that we will not have the opportunity to increase it for the next few months.
However, it is true that COLA can increase retirement check payments on a monthly basis. Even if this is once a year and not up to us, any kind of increase is welcome. Thinking of retiring at 62?
Maximum retirement check at age 62
The moment we ask for retirement at age 62 we are going to find ourselves with a maximum monthly payment of $2,572. Between this amount and the maximum of $4,555 we can see that there is a notable difference. This is because by applying for Early Retirement Age at age 62 we are losing a large part of our benefit.
Regardless of how much money we have contributed as a worker, retiring at age 62 means losing 30% of the check we have earned. That is why there is such a gap between the checks at age 62 and the maximum payment of $4,555.
The final decision is entirely individual. Still, it is good to check through the Social Security calculator what the benefit we will have in the future will be. If we know in detail the money we will receive, we will have more room for maneuver to obtain a better retirement.