Seniors have the option to get their first Social Security check when they’re as young as 62. But, many people wait much longer — sometimes until age 70 for their first payment.
Why would you put off getting money from the Social Security Administration if you’re eligible for it? The simple reason is that the longer you wait to claim monthly payments, the higher each one will be.
That’s because every retiree has a full retirement age when they must file to get their standard benefit. Claiming before this FRA will shrink your monthly payment while waiting until after it will increase it. Full retirement age is between 66 and 67 depending on when you were born. Starting checks before this age could reduce payments as much as 30% due to early filing penalties, while waiting raises the amount of your monthly check by 8% for each year of delay.