Delaying Social Security Past This Age Will Cost You Money, Guaranteed
There are arguments in favor of claiming Social Security right away at 62 and of delaying benefits for years so you can enjoy larger checks in the future. But if you choose the latter, you have to be careful. Delaying Social Security for too long can have some costly consequences.
A lot of people know that their income during their working years affects their Social Security benefit, but many don't realize that the age at which they claim benefits matters, too. The federal government assigns everyone a full retirement age (FRA) based on the year they're born. For most workers today, it's somewhere between 66 and 67. You must wait until this age to claim if you want the full Social Security benefit you've earned based on your work history.
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Source Fool.com
