8 Ways People Waste Their Social Security Check

Claiming Social Security Benefits Too Soon

Just because you’ve reached the minimum age to claim retirement benefits — currently 62 — doesn’t mean you should do so. Claiming your Social Security benefits before you reach the full retirement age — which is between 65 and 67 years old — can cost you. In fact, if your full retirement age is 67, claiming your money at 62 would cost you about 30 percent of your monthly benefit.

If you wait until age 70 instead, your monthly benefit could increase by up to 8 percent for each year you wait past full retirement age.

Claiming your benefits at the earliest possible age isn’t always a bad idea. But you should carefully weigh your Social Security options, so impatience doesn’t cause you to cash your Social Security checks too early.