Retirement comes with plenty of big decisions, but few carry as much financial weight as when to claim Social Security. Many people circle their 62nd birthday on the calendar because it marks the earliest age they can start collecting benefits. The temptation makes sense. After decades of work, receiving a monthly check as soon as possible sounds appealing.
However, the difference between claiming at 62 and waiting until age 70 can be shocking. In many cases, delaying benefits can increase monthly income by more than $1,000. That gap doesn’t just affect one month’s budget. It can impact retirement finances for decades and potentially determine how comfortably someone lives later in life.
