Difference between collecting SS at 62 and 67

[ashaom0104]

Many of my friends have started collecting SS at 62. What is the difference and actual benefit.

[KochuK]

Hi ashaom0104, good day!

Depending on your birth year, full retirement age differs.

To find your full retirement age:

https://www.ssa.gov/benefits/retirement/planner/ageincrease.html 

If benefits begin prior to full retirement age, benefits are permanently reduced. The earliest a person can start receiving Social Security is age 62

Retirement Benefits - Starting Your Retirement Benefits Early

https://www.ssa.gov/benefits/retirement/planner/agereduction.html 

If benefits begin after full retirement age, benefits are permanently increased. The benefit increase stops when you reach age 70.

Increase for Delayed Retirement

https://www.ssa.gov/benefits/retirement/planner/delayret.html