If you were born in 1962, this is the Social Security payment you could apply for
According to Vibes.okdiario, If you were born in 1962, this message is especially relevant for you. You will soon reach the age at which you can apply for Social Security retirement benefit payments in the U.S., providing an opportunity to supplement your retirement savings and earnings.
Understanding Your Benefits
Once you start receiving Social Security retirement payments, they will be sent monthly and are subject to increases due to inflation through the Cost of Living Adjustment (COLA). While Social Security benefit payments can reach up to $2,710, the average monthly check for retirees aged 62 is approximately $1,300.
Eligibility Requirements
To apply for Social Security retirement benefits, you must be at least 62 years old and have a minimum of 10 years of work experience. This work history must equate to earning 40 work credits, with a maximum of four credits obtainable per year.
The earnings required for obtaining one work credit adjust with inflation. For 2024, you must earn $1,730 to qualify for a single work credit, an increase from the previous requirement of $1,640.
How to Apply for Retirement Benefits
You can easily apply for retirement benefits online. Visit the Social Security Administration (SSA) official website at www.ssa.gov/apply, select the retirement option, and click on “Learn how to apply.”
When applying, it’s important to consider the month you wish to start receiving your retirement benefits. If you’re turning 65, don’t forget to look into Medicare as well. If you prefer, you can also schedule an appointment by calling SSA at +1 800-772-1213, or for TTY assistance, dial +1 800-325-0778.
Important Considerations for Those Aged 62
If you choose to apply for Social Security retirement benefits at 62, be aware that your monthly benefits will be reduced by 30%. If possible, consider delaying your retirement. By doing so, you can receive 100% of your benefits at your Full Retirement Age or potentially increase them by 24% if you wait until age 70.
Key Reminders
- Think about the month you want to start receiving Social Security.
- Don’t forget about Medicare when you turn 65.
- Early filing can result in reduced benefits.
- Check your payment amounts based on your age using your Social Security Statement.
By being informed and prepared, you can make the best decisions regarding your Social Security retirement benefits.
