If you are within 10 years of age 62, you may be considering when to apply for Social Security benefits. Social Security is one where waiting may bring you more benefits. You will be eligible for benefits when you reach age 62. However, those who were born before 1957 waiting until age 66 may bring the biggest benefits. Those who were born after 1957 may have to wait till age 67 to get the full benefits. If you wait an additional year pass age 62 to apply for benefits, your retirement check will go up by eight percent and maxing out at age 70. A retired person who could collect $750.00 a month at age 62 could collect $1,000.00 waiting till age 66 and $1,320.00 at age 70.
If you lose your employment at age 62, consider applying for unemployment benefits as well as Social Security benefits. Since 2002, 19 states are allowing collecting unemployment and Social Security benefits. Under the current difficult employment conditions, this may be perfectly legal option for seniors to get money to pay bills. But be aware; in certain states your unemployment check may be reduced due to your Social Security benefits.