sLanning to retire early? Don’t worry, retire at 62 and claim your benefits until you reach 67 years of age.
Retirees who started collecting Social Security at 62 Instead of a full retirement age, monthly benefits can be expected to be 30% lower. Delaying a claim until age 67 will result in an increase in your monthly check.
Working until age 67 may also increase social security benefits, Especially if you are highly paid or have gaps in your work history. Social Security benefits are calculated based on your indexed average monthly earnings over the 35 years you worked the most.
to work for Under 35 years old It results in lower monthly interest because the years are counted as zero. Working up to 67 after you reach the 35-year mark may increase your monthly benefit by increasing the average amount you earned during your best 35 years.
However, the benefit increases the work up to 67whether to fill gaps in the business record or to maximize high profits, is likely to be “token”.
What does this mean for retirees?
Think of a typical 62-year-old worker who earned $85,000 last year and intends to collect Social Security when he or she turns 67.
If that employee worked until 67 to meet the 35-year threshold, his monthly Social Security check would likely be about $140 higher, he claims.
However, if that employee has already worked for 35 years, he estimates that working to age 67 will increase his monthly benefit by less than $90.
If you reach the 35-year mark, continuing to work will have no effect.
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