In the United States, the final amount of Social Security benefits is determined by three factors. If we consider these three key points, we will be able to receive a much larger check than we would otherwise. One of those key points is unquestionably the retirement age.
When we choose the retirement age at which we want to begin collecting Social Security, we determine how much we will receive in terms of the percentage of our contributions. As a result, citizens who receive 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 to apply for retirement. In this sense, we are not discussing cases of disability, as these have different rules. However, when applying for retirement due to age, keep in mind that applying at 70 can result in a significant increase in benefit.
Given that Social Security payments could reach a maximum of $5,180 in 2025, we should consider that the closer we get to that figure, the better. So, while not all checks will reach that figure, they can come as close as possible.
Thus, we can conclude that the primary reason for applying for retirement at the age of 70 is financial. The monthly benefit we receive increases with age. However, our state of health makes our situation very different, so we must be well informed about the best conditions for claiming our benefits.
How can we increase our Social Security check?
Whether or not we have considered applying for Social Security payments at the age of 70, it is best to increase the benefit within our means. Thus, if we consider three factors, the payments for this benefit can be maximized.
These three aspects are the retirement age, as previously discussed, the years worked, and the salary earned during those years. If we want to receive the highest possible pay, we must work for 35 years at a high salary.
If we wait until we are 70, we will receive the largest possible check. If we apply for Social Security earlier, we will receive a smaller check, but it will still be substantial if we increase those two factors.
