You can begin receiving Social Security as early as age 62 but at a lower rate than at your full retirement age .
When you reach full retirement age per the chart below you are entitled to 100% of your benefits has calculated from your lifetime earnings.
- If you begin collecting Social Security at the maximum age (70 years): Your full retirement benefit will be 32% larger than if you began collection at your full retirement age. The approximate “breakeven point” is age 82, meaning if you live past the age of 82 you’ll wind up collecting more money by waiting until age 70 to collect your maximum benefits as opposed to taking your benefits at full retirement age.
- Postponing collection of your Social Security retirement benefits: Can provide your spouse with a higher survivor’s benefit.