Choosing between claiming Social Security at 62 or waiting until 70 can create a wide gap in your monthly income. Starting early gives you more years of payments, while delaying may increase the amount of each check. The tradeoff comes down to how long you expect to collect benefits and how much income you need along the way. Comparing the break-even point can help show when waiting may produce more cumulative benefits.
A financial advisor can help you plan for retirement at any age .
How Claiming Age Changes Your Social Security Benefit
The size of your monthly retirement check largely depends on the age at which you start collecting. Your…
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