This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.
Here's How It Works
Let's say you were born in 1954. You could have started drawing benefits at age 62. But if you had, you would have locked in monthly payments 25% smaller than if you waited until your full retirement age of 66. If you delay your benefits until you're 70, you could collect 32% more monthly than at age 66.
At first glance, it may appear that waiting is better. However, knowing whether to draw early or wait—and how long to wait—all depends on your personal situation.
Sources: ssa.gov/OACT/quickcalc/earlyretire.html, ssa.gov/benefits/retirement/planner/delayret.html, both accessed May 2021.