When to start collecting Social Security benefits. Chapter 5.

You have three main options:

  • Start collecting early
  • Start collecting at full retirement age
  • Start collecting after full retirement age

 What are the trade-offs? 
Here’s a hypothetical example. Let’s assume that your full retirement age is 66 and you are eligible for a benefit of $1000 per month at full retirement age.
If you start collecting at age

  • 62 you collect $750
  • 63 you collect $800
  • 64 you collect $866
  • 65 you collect $933
  • 66 you collect $1,000
  • 67 you collect $1,080
  • 68 you collect $1,160
  • 69 you collect $1,240
  • 70 you collect $1,320

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