The benefits of Social Security in the United States have three key points that determine the final amount. If we take these three key points into account, we will be able to have a much bigger check than we would otherwise. And one of those key points is undoubtedly the retirement age.
When we decide the retirement age at which we want to start collecting Social Security, we are deciding what the amount we are going to receive will be in terms of the percentage of the money we have contributed. Thus, citizens who get a retirement payment at the minimum age have a smaller check available.
Taking this into account, we can reach a conclusion about the main reason for waiting until the age of 70 to apply for Social Security. While it is true that it can be a great advantage, it is also true that it all depends on the citizen’s situation.
Why is it a good idea to apply for Social Security at the age of 70?
The truth is that Social Security has set 62 as the minimum age for applying for retirement. In this sense, we are not talking about cases of disability, since these cases have different rules. But in the case of applying for retirement due to age, we must bear in mind that applying for the check at 70 can make the benefit increase a lot.
Taking into account that Social Security payments could reach a maximum of $5,180 in 2025, we should think that the closer we are to that amount the better. So, not all checks may reach that figure, but they can be as close as possible.
Therefore, we can say that the main reason why we should apply for retirement at the age of 70 is financial. The older we are, the better the monthly benefit we will get. But our state of health makes our situation very different, so we need to be well informed about the best conditions for claiming our benefit.
How can we increase our Social Security check?
Regardless of whether or not we have thought about applying for Social Security payments at the age of 70, it is ideal to increase the benefit within our means. Thus, the payments of this benefit can reach the maximum amount if we take three aspects into account.
These three aspects are the retirement age, which we have previously discussed, the years worked and the salary during those years. If we want to get the biggest possible check, we must work for 35 years with a high salary. If we wait until we are 70, we will get the biggest possible check. If we apply for Social Security earlier, we will get a smaller check, but it will still be a big check if we increase those two aspects.
