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For much of the older adult population in the United States, Social Security payments are one of their strongest and main sources of income; however, amounts may vary depending on retirement age.
Many workers aspire that during their retirement they can receive the maximum amount of their payments, in this case Many aspects must be taken into account when starting with Social Security and the claim age, since these factors are essential to determine the amount to be received.
Therefore, pushing back your retirement age can lead to up to $1,983 per month in average payment.
How can you increase your payment?
From the age of 62 you can start collecting the Social Security payment, this age is considered too early to do so and may prevent you from reaping some benefits as the Primary Insurance Amount (PIA) until you reach Full Retirement Age (FRA).
Now, for those who claim within the range of full retirement age, which are 67 years old, they will receive exactly 100% of their PIA, but those who request their retirement payment at age 70, that is, who defer their retirement beyond the established age, their benefits increase, that is, they receive more than 100% of their PIA.
To be more exact, this year retirees at age 62 receive a payment of $2,572 per month, compared to $4,555 per month for retirees at age 70, this difference between one age and another represents $1,983 per month , which means that if you want to increase the social security payment by 77%, what you should do is delay the age for the application of benefits up to age 70.
However, it must be taken into account that credits for delayed retirement accumulate until the maximum age of 70 years, so waiting after that age to retire does not make sense and is losing money.
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