10 Reasons You Could Get Less Social Security

6. You Start Collecting Social Security Too Early

Claiming your Social Security retirement benefit before you’ve reached the full retirement age — which ranges from 65 to 67, depending on your birth year — can permanently reduce your benefit amount. Assuming your full retirement age is 67, you’ll reduce your full-retirement-age benefit by 30 percent if you start collecting at age 62.

Alternatively, delaying retirement increases your annual benefit by as much as 8 percent, but there’s no increase for waiting beyond age 70. Consider talking to a financial advisor before you take steps toward claiming your benefits early.