Full retirement age is 67 for people born in 1960 or later, with no reduction at that age. Claiming at 62 results in about a 30% reduction in monthly checks for life. Waiting past full retirement age up to 70 adds a permanent 8% increase per year. Dave Ramsey recommends claiming at 62, arguing earlier payments plus investing could offset the reduction. An example assumes a $2,000 monthly benefit at 67 and $1,400 at 62, with investing from 62 through 77 using a 15-year growth window.
"Those monthly checks are only yours to collect for as long as you're alive. So the sooner you start collecting those retirement paychecks, the more lifetime income you might get if you happen to pass away sooner than expected."
Read at 24/7 Wall St.
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