Early withdrawal of Social Security results in a permanent reduction of your benefits. If you start drawing at age 62, for example, your monthly payments will be permanently reduced by up to 30 percent.
If you delay getting benefits, on the other hand, you will receive a “delayed retirement credit” or permanent increase in payments. By waiting until age 70, you could receive up to 132 percent of your benefits amount.
By waiting, you will also experience a later break-even point—that is, the age at which you’ll have received the same amount of benefits as if you’d started drawing at full retirement age. After that point, you’ll come out ahead.
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