How Your Social Security Benefit Changes Each Year You Wait Past 62
Even waiting a short time to apply can make a huge difference to your checks.
Overview
There's nothing wrong with claiming Social Security at 62 if that's what you want to do. But if you think that your checks won't be affected or that they'll automatically get a huge boost at your full retirement age (FRA), you might want to pump the brakes a little.
While claiming Social Security at 62 gives you the most checks, it doesn't always give you the largest lifetime benefit. Delaying your application is one of the best ways to increase how much you get from the program, but the rate at which your benefits climb changes over time.
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Details
Source
Originally published at www.fool.com.
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