Maximizing Social Security at 62: Know Benefits & More Details :- If you are 62 years old and thinking about getting Social Security, the amount you get depends a lot on how much you worked and how much you earned.
Here are the steps you need to take to make sure you get the most out of your benefit in 2024, along with payment times.
Maximizing Social Security at 62
At the end of August, the Social Security Administration (SSA) will send up to $2,710 to people aged 62. The income for people this age, on the other hand, is about $1,300 daily.
Payment Dates in August
- August 2: If on SSI and Social Security or on benefits before May 1997
- August 14: Birthdays from 1-10
- August 21: Birthdays from 11-20
- August 28: Birthdays from 21-31
Supplemental Security Income (SSI) may be available to retirees aged 62 whose payment is less than average. SSI payouts are set for August 1 and August 30 (the September payment in advance).
Steps to Get $2,710 in 2024
1. Meet the Work Requirement
In order to get Social Security payments, you had to work in jobs that were covered by the SSA. Even though ten years of work is the bare minimum, working longer can greatly improve your benefits.
2. Maximize Your Earnings
Your rewards are based on the most money you’ve made in the last 35 years. If you haven’t worked in 35 years, zeros are added to your benefit, which can make it less valuable. Try to work for at least 35 years and make as much money as you can during that time.
3. File at the Right Time
Although you can start claiming benefits at 62, delaying your claim can increase your monthly benefit:
- Full Retirement Age (FRA): Depending on your birth year, your FRA is between 66 and 67. Claiming at FRA can give you a higher benefit.
- Age 70: Delaying benefits until 70 can significantly boost your payment. For example, the maximum benefit at 70 in 2024 is up to $4,873.
4. Verify Your Work History
Check your Social Security Statement to make sure that the information about your pay is correct. Fixing any mistakes can help you get the most out of your advantage.
5. Apply for Benefits
Social Security payments can be applied for online, over the phone, or in person at a Social Security office near you. Bring all the paperwork you need, like your birth certificate, Social Security card, and proof that you can pay your bills.
Boosting Future Benefits
If you’re not yet qualified for the maximum benefits, here are some things you can do to get more money from Social Security in the future:
- Keep Working: If you work longer and make more, you can increase your total earnings.
- Put off Filing: If you can, wait to file for Social Security until after your FRA.
- Check for Spousal Benefits: If you are married, separated, or widowed, you might be able to get spousal benefits, which could make your total payment bigger.