Early Retirement Age may be alluring for United States citizens but the Social Security check can go way down.
Early Retirement Age: Here’s What You Should Know If You Don’t Wait for A Little (PHOTO: AARP)
Early Retirement Age
The turning point of beginning of collecting a Social Security check is a turning point in any American citizen’s life. Losing some purchasing power because of no longer collecting wages as a worker is a significant step. That is why it is right to know all the details surrounding Social Security and all the options available.
The retirement age should know that the minimum is 62 years old. Until you reach that age you cannot apply for a Social Security check. This alters just in the case of disability users but in the area of age-based retirement, that is the minimum age.
Considering this, it is tempting to reach age 62 and choose to collect a retirement check but watch out, because starting to collect Social Security at Early Retirement Age can be a financial tragedy in more than one household. Indeed, all of these situations are always personal, so each person can decide what is best for his or her situation.
The Cons Of Applying For An Early Retirement Age
The main reason for not applying for Early Retirement Age is the amount you will receive in Social Security check with the minimum retirement age, you are going to see your pension check go down to 30 percent. This means that even if you try to get the maximum check, you will never be able to reach it. In short, applying for Early Retirement Age drives the Social Security check to fall by 30 percent of the money you contributed as a worker. So if you got a check for $2,500 a month, you will end up earning $1,750 a month. So the main reason why you should not think about the Early Retirement Age is economic, but the difference is indeed very big.
In this example case, you can see that the check sees a reduction of $750. It is a lot of money, so you must plan your retirement well if you do not want economic problems in the future. Although 62 may not be the best ideal age to apply for Social Security, it all depends on each individual’s case.
To get a check for 100% of the money you must have contributed, you will need to apply for retirement at age 67. In addition, you must also determine that from 65 you have access to Medicare, so you will also preserve in the area of health.
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