The age at which you start receiving benefits of the Social Security It is a very important decision, as it will affect your income per month of retirement, for the remainder of your life, but with many options for applying, it can be complicated to make the best decision about what is the most optimal age to apply. Retire age 62 is the earliest age at which you can start receiving benefits from the Social Security, and it is also the moment in which they most begin to make the request, about a quarter of men and women are beneficiaries of the Social Security at 62 years old.
According to data provided by the Administration of the Social Security in 2022, while less than 10% of retired They hope to reach 70 years of age. While there is not necessarily a set age that is right or wrong to apply for benefits, there is a danger behind applying for unemployment benefits. Social Security at 62 years old, since this is the benefit average at that age and the higher risk of applying early.
How much does the average retiree receive in benefits of Social Security?
The amount of your benefit It will depend on various factors, including the length of your working life, your income history and the age at which you apply for your benefits. Benefits. The Administration of Social Security takes an average of your earnings from the 35 highest-earning years of your career, processes it through a formula and adjusts it for inflation, and the result is the amount you will receive at your full retirement age (FRA), which is at age 67 for all those born in 1960 or later.
If you apply before the tax refund deadline, you will receive smaller payments per month if you file. Retirement as soon as possible, at the age of 62, his benefits will be permanently reduced by up to 30%. This can be a significant reduction, sometimes reducing your profits by hundreds of dollars monthly, in fact, the retired average earns only $1,298 per month at age 62, according to data generated in 2023 by the Administration of the Social Security Meanwhile, the average benefit at age 70 is around $2,038 per month.
The Hidden Danger of Claiming Your Social Security Benefits Early
Once again we mention that there is not necessarily a single age established for everyone to apply for their benefits, but many older adults depend largely on Social Security during your retirement, and since the program is not very stable, the smaller checks can make it much more difficult to retire safely. Comfortable.
More than 40% of baby boomers made the affirmation that the Social Security will be your main source of income during your retirement, according to a report generated in 2023 by the Transamerica Center for Retirement Studies, even more worrying is that 21% of adult citizens of the United States aged 50 or older do not have further income than those of the retirement, according to a 2023 survey from the Nationwide Retirement Institute.
