Confirmed: Half of America is watching the U.S. Social Security, what a huge amount of money

United States Social Security has issued an important notice that's already resonating in millions of households. SSA, the agency in charge, has explained to citizens what they should do to improve their future retirement.

The central issue revolves around the retirement age and how it directly affects your wallet. You can start collecting at age 62. The problem is that doing so early reduces the benefit by up to 30%, especially if you were born in 1960 or later, when your normal age is set at 67.

Important Message From SSA: It Concerns Your Retirement, This Is How You Can Earn More Money

For example, if at age 67 you'd be entitled to $1,000, at 62 it would drop to about $700 per month. But be careful, if you wait until age 70, SSA applies a formula with an 8% annual increase. That means going from $1,000 to $1,240 per month.

Since 1983, the retirement age has been gradually increased in response to people living longer and, therefore, the system having to make payments for more years. Now, SSA warns that the fund will be depleted between 2033 and 2034, which would mean cuts of up to 23% in benefits if Congress doesn't act quickly.

Pay Attention To What SSA Advises

You should take note and plan ahead. Register for “My Social Security,” review your 35 years of work history, and use their tools to simulate different retirement scenarios at ssa.gov.

If you can, keep working until your full retirement age (66‑67 years old) or even until 70 to accumulate more credits and money in your monthly check. Also, consider saving more: plan a mixed formula for retirement that includes accounts like 401(k) or IRA to earn more money, since many future retirees are falling short.

Don't Retire Early Unless It's Strictly Necessary

Also, if you collect before your retirement age, keep in mind that if you continue working, SSA will withhold part of those benefits if your income exceeds an annual limit. All of this continues until you reach full coverage age. One of the recommendations is not to retire early unless it's strictly necessary, such as health problems, lack of resources, or being the spouse with a lower contribution history.

The most repeated advice is not to collect early without carefully evaluating the impact and to wait until your full age or even until 70. Also, continue working to increase the calculation of your best 35 years or save in parallel to cover possible cuts due to the fund crisis.