Updated: Jan 26
Around one-third of people take their Social Security benefits at the earliest possible age of 62. Waiting a few years, however, could have nearly doubled the size of their monthly check.
Benefits are based on your income, the year you were born and the age you decide to start taking money out. So timing is key.
You are first eligible to begin receiving your benefits at age 62, but waiting until 70 could translate to tens of thousands of dollars a year in your pocket when you need it most.
Check out this video to see a case study of someone who turns 62 in 2020 and made $50,000 every year over the course of their career.