For millions of retirees, social security can or terminate a pension. Based on 2023 The Non -Party Budget and Political Priorities Center and Political Priorities would have about 16 million Americans living below the poverty line.
If you are planning to rely on your advantages a bit of a retirement, it is wise to ensure that you maximize them. And there is one social security move, about three -quarters of the US adults do not know that your monthly payments can be paid.
When it comes to how much you get using social security benefits, everything, starting from your income to career length to marital status, can affect the size of the checks. However, one of the most important factors affecting your payments is the age you start demanding.
Social security, starting at the age of 62, you can provide the full amount you have the right to work in your work history, you will have to wait until your retirement age (FRA).
By providing 62, your payments will reduce to 30%compared to what you will receive by presenting your FRA. These reductions are also permanent, so your statement that your age is one of the most important decisions you have made in your pension.
When retiring, it is wise to think carefully about whether you want to file a case early or wait. However, for those who make cases early and change their minds, there is good news: you get one chance to make.
In the first 12 months, you can withdraw an application for benefits to change your decision. Based on 2025 A survey from the National Pension Institute, only 26% of our adults know that this is an opportunity. Of the 15 most common messages revealed in the report, annulment your decision on the claim was most misunderstood by the participants.
In some cases, the annulment of your decision may be a smart step. For example, if you are 62 years old, but then decide to return to work, you may want to delay benefits until you retire later. Or if you just regret your choice early, you have the opportunity to cancel your decision and subsequently make it.
The difference in benefits between early filing and postponement is often high. For example, the 62 -year -old, the average payment of employees is around $ 1,342 per month, according to 2024. According to the Social Security Administration. By comparison, the average payments from 67 and 70 years of age are around 1930, respectively, a month and $ 2,148 per month.