Most Americans have about an eight-year window to claim Social Security Benefits, with eligibility beginning at age 62 and lasting until 70. But there are financial pros and cons that need to be weighed before you start collecting your checks. That’s because the federal government offers certain incentives to those who wait, while temporarily penalizing those who claim early.
If you choose to claim Social Security benefits at 62, your benefits will be reduced indefinitely. However, you're entitled to full benefits once you reach your full retirement age (FRA), which is dependent on the year you were born. This allows you to maximize your benefits by adding roughly 8% to your monthly checks for each year you delay until you turn 70.
Claiming at 70 could limit your overall income
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Claiming at 70 could reduce your spouse’s benefits
You’re still required to enroll and pay for Medicare at 65
The choice is ultimately yours
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