The Social Security Administration (SSA) allows seniors to file retirement Benefits at 62. Millions of Americans dream of getting payments at that age because it means you don’t have to work anymore.
It’s true that you can benefit from more payments in retirement if you apply for Social Security at 62. What’s more, it can be a relief if you have a physically demanding job.
Filing for Social Security at age 62 is undoubtedly the best idea if you’re not well. Not being healthy is a problem if you have to work. Now let’s take a look workers who can you receive payments of $2,710 at age 62 in retirement.
ELIGIBILITY FOR PAYMENTS TO THE VALUE OF $2,710 AT RETIREMENT
In fact, this is the most seniors can receive from Social Security at age 62. First, you need to fulfill two important conditions to get this big payment in 2024
The first condition you have to fulfill is related to the number of years you have to work. Even if you only need ten years of work to get retirement benefitsthis is far from enough.
In fact, you will have to work for at least 35 years. This is the number of years the administration uses to calculate the full amount of your retirement payments.
So even if you file for Social Security on 62 this year and you’ve worked 35 years, you’ll still need to meet one key requirement to qualify for $2,710 in 2024.
HAVE YOU HAD HIGH WINNING?
If you earned a lot, then you could qualify for a $2,710 retirement check in 2024. The thing is, you must have earned the taxable maximum for 35 years.
So if this is your case, you can get $2,710 at 62 in 2024. Only those workers who earned that much money may qualify for this great payment in retirement.
FYI, the taxable maximum is $168,600 in 2024, up from $160,200 in 2023. Therefore, very few workers can earn that much over 35 years. However, some may be successful.
Even if you don’t qualify for such a large payment, you can easily increase it. Delay retirement until age 70, doing so will give you a 24% Social Security reward. Retirement benefits are becoming essential for millions of seniors, so try to make them grow while you work.