Early Benefits at 62: Collecting at 62 gives you access to benefits sooner, but your monthly payment will be reduced.
Full Retirement Age (65-67): Claiming Social Security at your full retirement age results in the standard benefit without reductions.
Delayed Benefits at 70: Waiting until 70 maximizes your monthly payments due to delayed retirement credits.
Lifetime Benefits Trade-off: Taking benefits early means smaller monthly payments over a longer period, while waiting increases monthly amounts but reduces the total number of payments.
Health Considerations: If you have health concerns or a shorter life expectancy, claiming earlier may make more sense.
Work and Income Impact: If you’re still working, delaying Social Security until 70 can prevent penalties for earning above the limit.