For a large part of the elderly population in the United States, Social Security payments are one of their strongest and main sources of income; however, The amounts may vary depending on retirement age.
Many workers aspire to receive the maximum amount of their payments during their retirement, in this case Many aspects must be taken into account when starting with Social Security and the age of claim, since these factors are essential to determine the amount to be received.
Therefore, delaying your retirement age can lead you to receive up to $1,983 monthly at the average payment.
From the age of 62 you can begin collecting Social Security payments, This age is considered premature to do so and may prevent you from getting 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 is 67 years old, they will receive exactly 100% of their PIA, but those who request their retirement payment at age 70, that is If they postpone their retirement beyond the established age, they increase their benefits, 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 dollars per month, compared to $4,555 dollars per month for retirees at age 70, this difference between one age and another represents $1,983 dollars 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, so waiting after that age to retire does not make sense and means losing money.
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Source: La Opinion
