The last factor in the amount of social insurance checks is the time you decide to receive the benefits. If you receive benefits before reaching the full retirement age, you will get 75% of what you could have. If you wait a long time after receiving a retirement age, your monthly check will increase.

Benefits are linked to age in this way, trying to balance the gains that individuals derive from social security in their lifetime. If you receive a 62-year-old benefit, you will receive a few more years than when you are 65 or 70. So your monthly checks will be reduced, assuming you will eventually take approximately the same total amount from the system.

What percentage of the basic benefits you can get, when is calculated by a government actuary, they use information like the life expectancy of an average American. Because there is really no such thing as an "ordinary American", deciding when to enjoy benefits is both complicated and private.Before we look at what time you might decide to start using social insurance, let's first look at your full retirement age, what happens if you get benefits early or late, and a few other factors.

The age of full retirement depends on when you were born. Workers who are born early have a younger full retirement age than workers who are born late. In some cases, you may want to enjoy social security benefits as early as possible. The first person to receive social security retirement benefits was 62 years old. As mentioned above, the earlier you receive your benefits, the less your monthly check amount will be.

Here's how you can expect your benefits to decrease if you take these medications early:

If you receive benefits at the age of 62, they will be reduced by about 30%.

If you receive benefits at the age of 63, they will be reduced by about 25%.

If you receive benefits at the age of 64, they will be reduced by about 20%.

If you receive benefits at the age of 65, they will reduce by about 13.3%.

If you receive benefits at the age of 66, they will be reduced by about 6.7%.

These amounts come from the Social Security Administration and are similar, based on the full retirement age of 67. If your full retirement age is less than 67, your benefits will be reduced less, because there will obviously be a short period of time between your age of 62 and your full retirement age. Remember, receiving benefits in advance will affect your future social security checks. Your welfare will be reduced permanently, not just before you reach the full retirement age.

On the other hand, if you wait longer than your full retirement age to receive benefits, your benefits will increase by a certain amount each year. However, the increase in benefits only applies before the age of 70, so once you reach the age of 70, there is no benefit in postponing the social security check.

How much benefit you increase each year depends on your birth year. This chart from SSA will show you how much your revenue will increase. Going back to our previous example, a person's AIME is $5,200, let's see how postponing retirement months or years will affect these monthly social security checks. We assume that this person was born after 1943:

The basic amount: 2,531.17 US dollars

Postponed retirement for one year: $2325.42

Postponed retirement for two years: $2511.46

Postponed retirement for three years: $2712.37

If the retirees postpone retirement for three years until the age of 70, then the monthly wage difference is close to $500. Obviously, this allows you to consider some issues when deciding whether to postpone social security benefits.