By: Luis Diaz
By: Luis Diaz
The minimum age to claim Social Security benefits is 62 years, without a doubt, Many people retire at that age and can begin to receive their checks, but the question arises, will this amount really be enough to live?
The answer to that question is not simple if we start from the fact that this will probably depend on the quality of life to which we aspire and also on how inflation will be for when the time comes to retire , a situation that should not be lost sight of.
An article from Investopedia states that the size of your monthly Social Security benefit depends on factors, including how much you earned over the years, the year you were born, and the age you start claiming, but doing so in advance can make beneficiaries are minor .
Based on the above, R You will receive your full benefit if you start claiming when you reach what Social Security considers your full retirement age (FRA), sometimes also known as the “normal retirement age”. The FRA was 65 years old when Social Security started, but has been raised to 67 for anyone born in 1960 or after .
According to criteria established by the US government, in Social Security, people born after 1938, that age gradually increases until reaching 67 years for people born after 1959.
If the beneficiary Starts claiming your checks at 66 years and your full monthly benefit is $ 2, dollars, you will receive $ 2, 000 dollars per month. If you start claiming benefits after 62 years , which is 48 months earlier, then your benefit will be reduced to 75% of your full monthly benefit, also called your “primary insurance amount.”
In other words, you will get a 25% less per month and your check will be $ 1, 500 dollars. Situation that in the long run will not be very beneficial for the person who wants to claim their checks, since many depend to live only on these Social Security checks.
Therefore it is recommended that you bet on complete the period to ensure that the beneficiary withdraws with the greatest amount of money. In case you have doubts about the ideal age, Social Security has a tool to calculate the ideal time for retirement.
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