Specifically, you lose 5/9 of 1% of your PIA per month for up to 36 months when claiming early, then 5/12 of 1% for every month thereafter. That means signing up for Social Security at 62 can reduce your checks by up to 30%.

If you’re turning 62 this year, you become eligible for Social Security retirement benefits. This means after your birthday, you can claim your checks and start collecting reliable income from the government every month.

While most retirees understand that claiming at 62 will result in a lower monthly benefit, they might consider it worth the trade-off to start collecting sooner rather than waitin

Social Security imposes a steep penalty for claiming benefits before your FRA. If I begin receiving retirement benefits at age 62, I'll make 30% less than I would if I waited until my FRA of 67. And if I hold off until age 70 to claim benefits, the amount increases by 24% more.

Here I’ll share how I waited for my Social Security benefits until age 70, as well as the reasons why. My wife and I enjoyed a fulfilling, semi-retired life through our late 60s that involved working enough to pay for our living expenses while still having plenty of time to enjoy our grandchildren,