Social Security: What you need to know if you're approaching age 62 and how to claim benefits

Social Security: What you need to know if you’re approaching age 62 and how to claim benefits

youthere has been an increase of 8.7% in cost of living adjustment by 2023 that will provide Social Security beneficiaries with its greatest boost in the last forty years. Some people may become restless and urge to claim Social Security retirement benefits early, we’re here to tell you that you may want to wait a bit before making a decision. If you are approaching the age of 62, it means that you are approaching the eligibility age to apply Social Security retirement benefits. this new SALARY READJUSTMENT Augmentation can be very attractive to any senior citizen and it is only natural that they want to participate.

But economic experts are sending a clear message to all those people: You might want to wait until then. If you do not claim these Benefits now, there is little chance that you will lose these benefits, as most people tend to wait because the checks may shrink. if you just became 62, you will not get the full retirement age benefits that range between 66 and 67. It all depends on where you were born, that will give you 100% of those benefits you earned. Takes a little longer to claim, let’s say get old 70 and you’ll get an 8% increase for each year you’re late after retirement age. That sounds better, right?

COLA and Social Security for early retirees

He SALARY READJUSTMENT increases what we all know as the primary insurance amount, this is a beneft you get at full retirement age each calendar year after you turn 62. This causes 8.7% cost of living adjustment regardless of whether you claimed your benefits or not. Keep waiting and you’ll get even bigger benefits from that too. This happens because early claim discounts are reduced. This works great for all early retirees making their post-retirement plans. Learn from those who didn’t wait so you can reap the benefits they didn’t expect.

Leave a Comment

Your email address will not be published. Required fields are marked *