"You can claim Social Security between ages 62 and 70, and you get to decide what age within that range makes sense for you. While many people claim earlier by default because they want to access their Social Security benefits ASAP, it's important to think carefully before you make that choice. Claiming at a younger age can affect the amount of monthly income that you receive when you start your benefits."
"It can also impact your income over time. In fact, the Cost of Living Adjustment (COLA) that retirees collect in most years will be impacted by the age at which you claim Social Security, and that impact will last for the rest of your life. Here's how your choice of when to claim benefits affects your monthly payments and future benefit increases you are entitled to receive."
"See, you have a standard benefit that is based on your average wage. But, you only get this standard benefit if you claim your Social Security checks so they start coming to you exactly at your full retirement age. FRA is based on birth year. If you were born in 1960 or later, your FRA is going to be 67. If you were born earlier, it's:"
Social Security benefits can be claimed between ages 62 and 70, and the chosen claiming age determines monthly benefit size and future adjustments. Claiming earlier than full retirement age reduces the monthly benefit and also reduces future Cost of Living Adjustments (COLA) for life. The standard benefit equals the average wage–based amount only when benefits begin exactly at full retirement age. Full retirement age (FRA) depends on birth year, with 67 for those born in 1960 or later and earlier FRAs for prior birth years. Early claims before FRA incur early filing penalties for months prior to FRA.
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