The Social Security retirement age depends on the year in which you are born. Those who choose to claim benefits before reaching that age will receive less money each month.
Some facts about Social Security from the Social Security Administration.
—Full retirement age is 66, for those born between 1943 and 1954. It rises incrementally, up to age 67, for those born in 1960 or later.
—The earliest a person can start receiving Social Security benefits is at age 62.
—People who start taking Social Security at age 62 will receive a monthly benefit that is up to 30 percent less than if they waited until full retirement age. The actual reduction depends on the year in which they were born.
—Those who choose to wait until after their normal retirement age will see their monthly benefits increase by 6 percent to 8 percent a year until they reach age 70.
—Once people start receiving benefits, they will increase only for inflation.