The earlier you begin benefits, the lower your monthly check. Suppose you are due $1,000 a month if you begin benefits at full retirement age, currently 66. If you begin instead at 62, you will receive $750. If you wait beyond your full retirement age, your benefit will rise at about 8 percent a year until age 70. Instead of $1,000 at full retirement age, you would collect $1,320 at age 70.
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