The age in which you begin to take Social Security affects how much you’ll receive over the duration of your retirement. Here’s a basic guide:
If you were born between 1943 and 1954, your full retirement age is 66. But if you were born between 1955 and 1959, your full retirement age gradually moves to 67. (For people born in 1960, or later, full retirement age is currently 67 years of age.)
If you qualify, you can elect to receive Social Security benefits as early as age 62, but if you take them that early, you’ll get docked as much as 25% of the full amount you would otherwise receive (if you wait until full retirement age).
There are other important considerations depending on how long you’ve worked, the amount of money you’ve earned, and whether or not you are single, married, divorced or have dependents.