If you are 61 years old, you must be thinking about filing for Social Security in the near future or in the long term. When you are 61 years and 8 months old, you should decide whether to apply for retirement benefits in 2025 or not.
Of course, you must have worked for a minimum of 10 years to qualify. That is about 40 work credits. However, is it worth applying for Social Security benefits at 62? It is great because you will have more free time, but it could be a financial error if you rely on this benefit to make ends meet.
Social Security allows one to apply 4 months before
The Agency claims that you can apply for retirement benefits up to 4 months before you want to start collecting them. Signing up for Medicare will be when you are about to turn 65, three months before reaching this age.
All you have to do is create a my Social Security account online. Then, you can apply for Social Security online. If your request cannot be processed, you will get a notice from SSA.
Filing at 62 can reduce your Social Security payment by up to 30%. This is a massive bite if you have a low income, no savings, and no retirement accounts like 401(k).
Social Security pays this average amount at 62
For your information, $1,343 is the average retirement benefit at 62 after the 2025 COLA increase. In order to allow your payment to grow you can wait until you are 67 (which is the Full Retirement Age for those born after 1960).
Full Retirement Age is the moment you can get 100% of your benefits without reductions. If you would like to get 24% extra from Social Security, you can simply delay retirement until you are 70.
Filing at 62 may mean a lower payment but more checks throughout your retirement. It is a personal decision and you can download a Statement to see the future payments by age before you apply. It will definitely help you make up your mind.
