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Social Security: Things to do before 62 to maximize benefits

Millions of Americans rely on Social Security after retirement.

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If you haven’t reached 62 yet, there are steps to help you maximize your benefit.


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1. Figure out your full retirement age

Maximizing your benefit is always important, but especially right now with high inflation. But, there are ways to help you get more out of your money. Read more about it here.

Before you reach 62, you should find out your full retirement age (FRA). This number is important because it is the age in which you can get the full benefit amount.

FRA is determined by the year and month you were born, it is usually 66 or 67. If you claim your benefit before your FRA, the SSA will reduce your benefit.

If you’re unsure what age you should retire to get the biggest benefit, use the FRA calculator.

2. Decide what age you’ll start claiming

It is important to know the longer you put off claiming, the bigger payment you’ll get. If you start claiming at 62, your benefit will be permanently decreased by 30%. If you wait until you reach FRA, you’ll get the full monthly benefit.

If you wait until 70, you can get an additional 32% each month.

3. Know your estimated benefit payment

Knowing this number will make it easier to plan for retirement. It could also help you decide if you should put more money into savings and investments. If you are curious to know what your benefit could be, you can get an estimate on the SSA website after you create an account.


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