Claiming Social Security at 62 gives you a check sooner, but a permanently smaller one. Waiting until 70 raises the benefit by roughly 8 percent for each year past full retirement age. For married couples, the decision also sets the survivor benefit for whoever lives longer.
Questions to answer before you claim
- How long do you and your spouse expect to live, given health and family history?
- Do you have savings to bridge the years between retiring and claiming?
- How will your benefit interact with taxes on other income and with Medicare premiums?