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Image source: Getty Images.<\/p>\n
Social Security 101<\/p>\n
Each of us has a “full retirement age” at which we can start collecting the full Social Security benefits<\/a> to which we’re entitled based on our earnings. The full retirement age is 67 for those born in 1960 or later.<\/p>\n You can start collecting your benefits as early as age 62, or you can delay until age 70. (Delaying beyond age 70 offers no benefit.)<\/p>\n The table below shows the percentage of your full benefits you’ll receive at each starting age:<\/p>\n Start Collecting at:<\/p>\n Full retirement age of 66<\/p>\n Full retirement age of 67<\/p>\n 62<\/p>\n 75%<\/p>\n 70%<\/p>\n 63<\/p>\n 80%<\/p>\n 75%<\/p>\n 64<\/p>\n 86.7%<\/p>\n 80%<\/p>\n 65<\/p>\n 93.3%<\/p>\n 86.7%<\/p>\n 66<\/p>\n 100%<\/p>\n 93.3%<\/p>\n 67<\/p>\n 108%<\/p>\n 100%<\/p>\n 68<\/p>\n 116%<\/p>\n 108%<\/p>\n 69<\/p>\n 124%<\/p>\n 116%<\/p>\n 70<\/p>\n 132%<\/p>\n 124%<\/p>\n Data source: Social Security Administration.<\/p>\n As of April, the average monthly Social Security retirement benefit was $2,081, or about $25,000 annually. That’s not a huge amount of income, but if your earnings were above average, so too will be your Social Security benefits — up to a point. (Still, there are ways to beef up your benefits<\/a>, especially if you’re still working.)<\/p>\n What claiming at 62 does<\/p>\n So, how will claiming your benefits at age 62 affect your income for life? Well, if your full benefit amount — the sum you’d receive if you started collecting checks at 67 — is, say, $3,000 per month, starting at age 62 would shrink that sum to $2,100 per month.<\/p>\n