For those turning 62 and considering Social Security, the amount you receive can vary significantly based on your work history and earnings.
Here’s how you can ensure you’re getting the maximum benefit, along with payment dates and steps to claim it in 2024.
Maximizing Social Security at 62
The Social Security Administration (SSA) will send payments of up to $2,710 for 62-year-olds in August. However, the average benefit for this age group is around $1,300.
Payment Dates in August
- August 2: If on SSI and Social Security or on benefits before May 1997
- August 14: Birthdays from 1-10
- August 21: Birthdays from 11-20
- August 28: Birthdays from 21-31
Retirees aged 62 with a smaller-than-average payment may qualify for Supplemental Security Income (SSI). SSI payments are scheduled for August 1 and August 30 (the advanced payment for September).
Steps to Get $2,710 in 2024
1. Meet the Work Requirement
To receive Social Security benefits, you must have worked in jobs covered by the SSA. While ten years of work is the minimum requirement, working longer can significantly increase your benefits.
2. Maximize Your Earnings
Your benefits are calculated based on your highest 35 years of earnings. If you haven’t worked for 35 years, zeros are averaged in, which can reduce your benefit. Aim to work at least 35 years and earn as much as possible during those years.
3. File at the Right Time
Although you can start claiming benefits at 62, delaying your claim can increase your monthly benefit:
- Full Retirement Age (FRA): Depending on your birth year, your FRA is between 66 and 67. Claiming at FRA can give you a higher benefit.
- Age 70: Delaying benefits until 70 can significantly boost your payment. For example, the maximum benefit at 70 in 2024 is up to $4,873.
4. Verify Your Work History
Ensure that your earnings record is accurate by checking your Social Security Statement. Correcting any errors can help maximize your benefit.
5. Apply for Benefits
You can apply for Social Security benefits online, by phone, or in person at your local Social Security office. Make sure to have all necessary documentation, including your birth certificate, Social Security card, and proof of income.
Boosting Future Benefits
If you’re not yet eligible for the maximum benefits, consider these strategies to increase your future Social Security payments:
- Continue Working: Increase your lifetime earnings by working longer and earning more.
- Delay Filing: If possible, delay your Social Security claim until after your FRA.
- Check Spousal Benefits: If you’re married, divorced, or widowed, you may be eligible for spousal benefits, which could increase your total payment.
Securing the largest possible Social Security benefit at 62 requires strategic planning and understanding the SSA’s rules. By working for at least 35 years, maximizing your earnings, and timing your claim appropriately, you can significantly enhance your retirement income.
FAQs
What is the maximum Social Security benefit at 62?
The maximum benefit for 62-year-olds is $2,710 in 2024.
When are August Social Security payments sent?
Payments are sent on August 2, 14, 21, and 28, depending on your birthday.
How can I increase my Social Security benefits?
Work at least 35 years, maximize your earnings, and delay filing if possible.
What if my earnings record is incorrect?
Check your Social Security Statement and correct any errors with the SSA.
Can spousal benefits increase my payment?
Yes, spousal benefits can increase your total Social Security payment.
