Depending on when you file for Social Security retirement benefits, you may get a different payment amount. The Agency will allow you to get checks or direct deposits as a retiree when you turn 62. However, you must have worked for at least 10 years and obtained 40 work credits to qualify for these monthly payments.
For your information, claiming Social Security retirement benefits at 62 is possible. Nevertheless, you will get a considerable reduction. SSA will get a bite of about 30% of your monthly payment.
Social Security: 62 vs. 67 vs. 70
To know the difference between filing at 62 vs 67 vs 70 it is best to see an example. For instance, if you file at 62 and you qualify for a retirement benefit payment worth $1,465, you could have gotten a check of about $1,569 if you have just waited till ou turned 63.
If you had decided to wait until you were 67 years old to get Social Security, your monthly payment would have become $2,119. It is like comparing chickens to ostriches.
No doubt the payment at 67 will be awesome while the check at 62 will be a great disappointment. A difference of $654 per month can be the financial lifeline many retirees would need in the United States
Now you know a check at 62 worth $1,465 could be $2,119 if you filed at 67, it is time to discover the boost you could get if you earned delayed credits. Remember that Social Security can give you up to 24% extra per month if you wait to file for 3 years after reaching Full Retirement Age.
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Filing at 70 would mean getting $2,634. Once more, amounts at 62 and at 70 cannot be compared from a financial point of view. That will be $515 higher than filing for Social Security at 67.
If you calculate the sum of $515 plus $654, filing 8 years later would have meant receiving a Social Security payment worth $1,169 higher. Of course, this is only for those who are strong enough and healthy to continue working. And some retirees may not need this money to get by so there is no point in filing at 70.