There’s a more than 75% swing in your monthly benefits depending on when you claim
Most people understand that if you claim Social Security early, you’ll get less in benefits than if you waited until full retirement age. Similarly, you can boost your retirement benefit by waiting beyond full retirement age up to age 70. But the sheer difference in payments is huge.
For someone whose full retirement age is 67 and who’d be entitled to receive $1,000 at full retirement age, claiming at 62 would give you $700 per month, while claiming at 70 would result in a $1,240 monthly benefit — a difference of 77%.
