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