Social Security is the monthly benefit which the citizens are provided with so that they can have the income when they retire. The Social Security benefits start from the age of 62 years and the COLA increase has led to an increase in the benefits of the citizens. The benefit of the Social Security will be now $168600 and the individuals shall check the check on which they will be given the monthly benefits. The individuals who collect their benefits early will get a reduced amount of the payment. Through this article, the individuals will get to know the reasons which lead to collecting the benefits early.
File For Social Security At Age 62
The Social Security Administration has been providing benefits to the citizens at the time of retirement. The retirement planning includes the income from the Social Security Administration but when you are collecting the Social Security benefits it creates a big impact on your planning. The earliest when you can collect your benefits is at the age of 62 years. The benefits if collected early will lead to a reduced amount than you will be getting the benefits later on. The ones who wait after the full retirement age to collect the benefits can earn a delayed credit in order to Increase Social Security Benefits 2024
Some might be thinking that waiting for bigger benefits might be good but it is not always the case. There is no answer as to when one should collect the benefits and taking the benefits as soon as you reach the retirement age of 62 years might be a good financial move for the citizens. There are some reasons which tell as to why you should be getting the Social Security benefits at the age of 62 years. One may be that life is very unexpected and you might be planning the end of life care. In case you need the benefits early, you might get the benefits early. Through this article, you will get the updates on the time for filing your social security benefits.
ssa.gov File Social Security At Age 62
Retirement planning is what everyone does after attaining the age of 62 years. Social Security is the retirement benefit which the individuals get per month for their work after attaining the age of 62 years. The individuals shall know why it is beneficial for them to collect the benefits at the age of 62 years.
| Post Title | File For Social Security At Age 62 |
| Organization Name | Social Security Administration |
| Benefit Name | Social Security Income |
| Beneficiaries | Citizens of United States |
| Age | 62 years and above |
| Benefit Amount | $168600 |
| Benefit Mode | Online |
| Date To Get Benefit | As per birth date |
| Post Type | Finance |
| Website | ssa.gov |
What Are The Reasons To File Social Security At 62?
- You have a shorter life expectancy
- You can’t wait for longer
- You want your portfolio to keep growing
- You are planning your end of life care
- No one else is relying on the benefits.
You Have A Shorter Life Expectancy
The Government gives an incentive to you if you wait to collect your benefits at a larger age by giving you an increased amount as it says that the longer you wait, the higher will be your benefits. The one who start collecting their benefits at the age of 62 years but the full retirement age is 66 or 67, in that case, the monthly benefit will be 71-73% of the full age benefits. If you expect the monthly benefit at 67 years to be $1000, your benefit at 62 years will be $710 to $730. But you have to wait for 4 more years to get a larger amount. You could have got $35040 during those 4 years if you are claiming early. If your health is declining, it is better to get the benefits earlier.
You Can’t Wait For Longer
Retirement planning may not always work like if you plan to work till 70 years but can’t get a job after 62 years, you shall start taking your benefits just to get by. Continuing to work may not be healthy for you later in life. The job which needs manual work may lead to risk of injury which will discontinue the work. A healthy lifestyle by getting early retirement could lead to smaller benefits.
You Want Your Portfolio To Keep Growing
You could get the benefits early and invest the money which you could get rather by waiting for a longer time. If it is inflation, you could increase your benefits and how much you can expect to earn in your portfolio. Benefits increase by 8% every year and its hard to outperform the rate of increase.
You Are Planning End Of Life Care
The benefits stop when you die and if you die before getting the benefits, you will not get any amount. If you wait till 70 years but you die just before turning 70, you will miss out on all the benefits. It is difficult to predict how long your life is so it’s better to get the benefits as early as possible. If you are suffering from serious illness, the delay in the benefits will not be worth it.
No One Else Is Relying On Benefits
In case you die, the spouse or the child can get the benefits. The spouse could get 71% to 100% of the benefit amount which you would have got. If no one is depending on the money, you shall retire early and get the benefits early. If everything is in place and you meet the age of retirement, consider collecting your benefits early and enjoy your life.
Links For File For Social Security At Age 62
| File For Social Security At Age 62 | SSA.GOV |
FAQs On File For Social Security At Age 62
It means that if you take the benefits early, you could get a higher amount.
If you can’t wait for longer to get the benefits, you can File For Social Security At Age 62.
If you have a shorter life expectancy and no one is relying on the benefits, you can File For Social Security At Age 62.
The FRA is 66 or 67 years.