By Arlenys Tabare
Jun 25, 2024, 11:37 AM EDT
More than 70 million older adults receive retirement payments from the Social Security Administration (SSA), which have become a very important monthly income for most.
However, Not all beneficiaries obtain the maximum amount since this requires meeting some requirements established by the entity and among the most relevant is the retirement age.
The best age to retire
The SSA advises older adults who want to receive higher income in retirement to delay retirement age until age 70. This year, due to the Cost of Living Adjustment (COLA), the amount for these beneficiaries reached $4,873 dollars.
The reason why those retired at the maximum age get the highest benefit is because after they file their return, Social Security provides them with 24% more every month, although to achieve this you must work at least 8 more years after the minimum retirement age (62 years).
Retiring early is not the best option according to experts, since older adults who choose to apply for the benefit at age 62 30% is subtracted from their checks every month, currently the amount is $2,710 dollars.
Who can receive an extra $1,169 from the SSA?
According to Social Security Administration calculations, a worker who at age 62 qualifies to receive the average payment of $1,465 dollars and decides to delay retirement until age 70 can obtain up to $1,169 extra in his or her benefit.
On the other hand, there are elderly people who retire when they reach full retirement age (67 years), in this case they receive 100% of the benefits, that is, $3,822 dollars per month, without reductions or extra money.
To learn more information about the amounts obtained at different retirement ages, you can visit the entity’s website: https://www.ssa.gov/myaccount/assets/materials/statement-redesign-online.pdf.
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