Social Security: When To File To Claim The Biggest Benefits

Beneficiaries can usually claim Social Security benefits at 62 instead of waiting until 70. However, read and find out what age is it best to claim the biggest benefits!

Retired Beneficiaries [Photo: New York Life Insurance]

According to Allcot, to be able to claim bigger benefits, a beneficiary must first make sure that they paid into Social Security for at least 35 years. This is because the Social Security benefits are intended to balance a percentage of a beneficiary’s average wage to their 35 biggest earning years. However, if a beneficiary has not worked for 35 years, the Social Security will still calculate the average based on the beneficiary’s salary by dividing the total by 35.

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Working While Receiving Benefits

An article on the Social Security Administration (SSA) website says that a beneficiary may still work even after they begin receiving benefits. Some benefits may be withheld if the earnings exceed the annual earnings limit, however, this still means a bigger benefit in the future.

Nonetheless, there are special rules that apply to the annual earnings. This generally happens in the first year a beneficiary starts receiving their benefits. For the first year, the SSA cannot withhold any benefits for the month a beneficiary is considered retired, regardless of their annual earnings. Once a beneficiary reaches the full retirement age, their benefits will be recalculated by taking into account the months they did not receive benefits because of the annual earnings limit.

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