Given the instability in the economy, what is the best time to apply for retirement benefits?

It is a fact that people can postpone their retirement until they are 70 years old, but the instability in the economy suggests doing it earlier.

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The impact of inflation on the economy and other aspects that affect government finances have revealed that, If a reform is not implemented soon, the Social Security Trust Fund will be exhausted in 2034, which would place millions of people who depend on retirement payments in a vulnerable situation and hundreds of thousands of others who are trying as long as they can to postpone their retirement in order to get checks with more money.

Nevertheless, Workers who are about to turn 62 and who are between the dilemma of retiring now or continuing to work for up to eight more years, must take into account some considerations.

First, the “full retirement age” for most people is now 67 years, but from the age of 62 it is already possible to access the retirement benefit.

Now, if an individual is already naughty by that age, but his health is not good and the retirement check does not cover his basic needs either, You should keep in mind that you won’t qualify for Medicare until you turn 65, which forces you to pay for private insurance to cover your medical bills for three years.

However, if the person is no longer able to work, due to disability or other chronic health problems, or a history of short longevity in their family tree, applying for retirement as soon as possible may be the appropriate option.

In counterpart, The fact of retiring until reaching 70 years guarantees receiving checks with 77% more money in relation to people who retire at 62 years of age. Here the controversial point is that the average life expectancy is 72 years on average, which means that you will only enjoy two years of juicy benefits.

Likewise, Postponing my retirement application for eight years also means losing 96 checks that would arrive each month without my having to work harder.

So, depending on when you claim your benefits, the payment a person is eligible for can vary greatly. However, before making any decision about the future, the concept of quality of life should always come first.

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