Although you may start collecting Social Security retirement benefits as early as age 62, you may not want to. Obviously if you really need to, it is important to start receiving those benefits. But what many people don’t know is that the longer you wait, the more money you can get.
When you start to delay claiming your benefits after turning 62, you instead earn delayed retirement credits, which are equal to 8% a year plus inflation for every year you delay after full retirement age. For those born between 1943 and 1954, full retirement age is 66, and 67 for those born after 1960. As a result, this can significantly increase your retirement savings.
So, the longer you wait, the more money you’ll be making. However, there is no advantage to waiting past 70 because the delayed retirement credits stop accruing.
