Here's some good news to ponder as you near the end of your working life. You have some control over the income you receive from Social Security. There are a few levers you can pull, but one of the most influential is the timing of your first Social Security claim.

The earliest you can start receiving benefits is age 62 and the latest is age 70. Claiming earlier gives you income up front, but it comes with a major drawback. Your benefit amount will be lower. And, depending on your finances, that could be reason enough to delay your Social Security application well past your 62nd birthday.

When you claim Social Security at age 62, your benefit is reduced. Social Security bases the reduction on the number of months between your claiming age and your full retirement age (FRA). Your FRA is between ages 66 and 67, depending on your birth year.

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Source Fool.com