People that retire to collect Social Security are able to choose what age they want to start collecting their benefits.
By waiting until they’re older, many are able to claim additional money.
The amount you’re paid depends on your salary during your working years, but waiting will boost your payments.
If you choose to retire before your full retirement age, you’re slapped with penalties.
If you retire before 70 you’re refusing retirement credits which also boost your benefits by 8% each year past full retirement age.
Those credits can only be earned until 70. Once you reach 70 that’s the most you’ll get.
Full retirement age is between 66 and 2 months and 67. It depends on the year you were born.
You’re eligible to retire at age 62, but will lose money if you choose to.
By delaying as long as you can until 70 you will get the biggest payment possible.
Recently the COLA increase was announced to be 5.9%. This is the highest it’s been in almost 40 years.
The increase will happen in January of 2022 for Social Security recipients and Dec. 30, 2021 for SSI recipients.